Inflation Rate Decreases in August 2024
Down to 6.7% from 7% in July
According to the monthly bulletin of the National Institute of Statistics published on Thursday, September 5, the inflation rate decreased in August 2024, dropping from 7% in July to 6.7%. This decline is primarily due to the slowdown in the annual growth rate of prices in the "food products" group.
Food Prices on the Rise
Food prices have increased by 8.5% over the past year, mainly driven by the surge in prices of:
- Ovine meats (23.9%)
- Food oils (19.1%)
- Beef (15%)
- Condiments (13.8%)
- Fresh fish (12.8%)
- Poultry (11.7%)
Manufactured Products and Services
The prices of manufactured products have risen by 6.7%, largely due to the increase in prices of:
- Clothing and footwear (9.9%)
- Household maintenance products (8.4%)
Services have seen a 5.1% increase, primarily explained by the rise in prices of:
- Restaurant, café, and hotel services (8.7%)
Underlying Inflation
Excluding food and energy products, the underlying inflation rate has slightly decreased to 6.4%, down from 6.5% the previous month. The prices of free products (not regulated) have increased by 7.5% over the past year, while regulated products have seen a 3.8% price hike.
Monthly Price Index
On a monthly basis, consumer prices have risen by 0.3% in August compared to July. This increase is attributed to the 1.5% rise in food prices and the 1.1% increase in education services. In contrast, clothing prices have dropped by 4.5% due to summer sales.
Contributions to Inflation
Manufactured products and services have made the most significant contributions to overall inflation, with 2.5% and 1.7%, respectively. On the regime side, free non-food products have contributed 3.5%, and free food products have contributed 2.3%. Regulated food products have made the smallest contribution, with 0.1%.
