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August CPI records year-on-year decrease

The consumer price index (CPI) recorded a year-on-year decrease of 0.1 per cent compared to August 2022, contributed by a 0.6-per-cent decrease in non-food prices, while food and non-alcoholic beverages prices recorded an increase of 1.7 per cent, said Department of Economic Planning and Statistics yesterday.

“The year-on-year decrease in non-food prices was due to a fall in the prices of transport price at 3.5 per cent due to the decrease in motor cars prices; communication (3.1 per cent), particularly telephone and telefax services; and clothing and footwear (1.3 per cent) in line with the fall in the prices of clothing material,” it said. “However, the year-on-year decrease was moderated by an increase in food and non-alcoholic beverages mainly due to the rise in the prices of low sugar drinks; and wheat products.”

The CPI is a measure of price changes 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).