December 2023 inflation rate mirrors that of November at 3.3 percent, according to latest Consumer Price Index report
The inflation rate for November and December 2023 had a similar
increase, according to the Consumer Price Index (CPI) report
published by the Statistics Division in the Ministry of Finance.
The December 2023 Year-on-Year Analysis shows that the inflation
rate – or the All Items Index – rose 3.3 percent for the 12 months
ending December 2023, a similar increase to the 3.3 percent
increase for the 12 months ending November last year.
However, the index for food increased by 2.4 percent over the last
12 months, driven primarily by increases in the indexes for sugar,
jams, honey, chocolate, and confectionery (+14.1%); bread and
cereals (+8.8%); fruit (+7.9%); and food products (+5.6%), the
Statistics Division says.
Other food-item indexes reflected smaller increases, including for
milk, cheese, and eggs, which increased by 2.6 percent, and for oils
and fats by 1.2 percent.
As well, there were reported declines in the index range for
vegetables (-0.7%); fish and seafood (-1.1%); and meats and meat
products (-2.1).
According to the Division, “The index for All Items Less Food and
Energy index rose 4.2 percent over the past 12 months and was
primarily influenced by increases in the indexes for communication
(+17.0%); restaurants and hotels (+8.9%), clothing and footwear
(+7.3%), miscellaneous goods and services (+5.3%), and furnishing
household equipment and routine household maintenance (+4.1%).
The Month-to-Month Price Changes show that the Monthly
Consumer Price Index marginally increased in December by 0.2
percent.
The Food and Non-Alcoholic Beverages rose by 0.4%, with the index
for Food increasing by 0.1% over the month. The food category
posted mixed results, with six of nine subcategories posting small
increases over the one month.
The increases ranged from fish and seafood (+0.1%); vegetables
(+0.2%); sugar, jams, honey, chocolate, and confectionery (+1.1%);
and bread and cereals (1.1%).
