In July 2022, the Consumer Price Index (CPI) decreased by 0.1 per cent compared to June 2022. This was driven by the decrease in Non-Food Index by 0.3 per cent.
The Food and Non-Alcoholic Beverage Index, on the other hand, has increased by 0.9 per cent.
As compared to July 2021, the CPI had increased by 4.1 per cent. The rise in the CPI was in line with the increase in food and non-alcoholic beverages and non-food prices by 6.8 per cent and 3.5 per cent respectively.
The increase in food and non-alcoholic beverages was due to the rise in prices of food such as oil and fats 25.7 per cent; meat 13.2 per cent; and fish and seafood 7.1 per cent. The rise in the price of oil and fats was primarily due to an increase in the price of cooking oil from producing countries.
Chicken meat was the main contributor to the increase in meat prices, due to the increase in the cost of chicken feed.
Meanwhile, the increase in the price of fish and seafood was due to shortage of fish supply caused by unfavourable weather conditions.
The increase in the non-food component was driven by miscellaneous goods and services 14 per cent; transport 4.3 per cent; and housing, water, electricity, gas and other fuels 2.3 per cent.