In August 2024, the Consumer Price Index (CPI) registered a decrease of 0.5 per cent compared to August 2023. This was driven by a 0.6 per cent decrease in the Non-Food index, while the Food and Non-Alcoholic Beverages index recorded an increase of 0.1 per cent, according to a press release from the Department of Economic Planning and Statistics (DEPS) of the Ministry of Finance and Economy.
The decrease in the Non-Food index was mainly contributed by lower prices of internet services charges in the Communication category (2.8 per cent); and Clothing and Footwear category (3.2 per cent).
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Meanwhile, an increase in the Food and Non-Alcoholic Beverages index was attributed to the rise in the prices of Non-Alcoholic Beverages (2.9 per cent), particularly ready-to-consume drinks; and Milk, Dairy Products and Eggs (1.5 per cent).
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For month-on-month comparison, the CPI in August 2024 registered an increase of 0.3 per cent from July 2024. This was due to the increase in the Non-Food index by 0.4 per cent, while, the Food and Non-Alcoholic Beverages index registered a decrease of 0.3 per cent.
The increase in the Non-Food index was mainly contributed by Transport price (1.6 per cent); and Clothing and Footwear prices (2.6 per cent). As for the Food and Non-Alcoholic Beverages index, the decrease was mainly due to the prices of Meat (0.7 per cent); and Fruits (1.1 per cent).
The CPI is a measure of price changes of basket of goods and services paid by the consumer in a specified period and compiled on a monthly basis. The list of goods and services in the CPI is based on the average expenditure per household from the Household Expenditure Survey (HES). The CPI full report for August 2024 is available from the DEPS website.
