Inflation Rate Remains Unchanged at 6.7% in September 2024
The inflation rate remained stagnant at 6.7% in September 2024, according to the latest report from the National Institute of Statistics (INS). This stability is attributed to the acceleration of food prices and the leisure and culture sector, offset by a slowdown in the growth of prices for clothing and footwear, as well as alcoholic beverages and tobacco.
Food Prices Continue to Rise
Food prices saw an annual increase of 9.2% in September, driven primarily by the surge in prices of:
- Ovine meats (22.8%)
- Food oils (15.1%)
- Dried fruits (15%)
- Fresh fish (13.2%)
- Fresh vegetables (13%)
- Beef (12.4%)
- Poultry (12.2%)
Manufactured Goods and Services Also Affected
Manufactured goods experienced a 6.1% annual increase, led by clothing and footwear, as well as household maintenance products. Services were not spared, with a 5.3% annual increase, particularly in the restaurant, café, and hotel sectors, which saw an 8.8% rise.
Underlying Inflation and Price Trends
The underlying inflation rate, which excludes food and energy prices, decreased slightly to 6.2% from 6.4% the previous month. Free prices saw an annual increase of 7.7%, while regulated prices rose by a more modest 3.1%. Finally, free food prices surged by 10.2%, compared to a 2.6% increase for regulated food prices.
