THE Central Statistical Office (CSO) reports a decrease in the Inflation Rate for July 2024.
The latest figures show that the Inflation Rate, which measures the percentage change in the All Items Index for July 2024 compared to July 2023, stood at 0.3%.
This marks a decrease from the 0.7% recorded in the previous period (June 2024/June 2023) and a significant drop from the 4.7% noted in the comparative period of the previous year (July 2023/July 2022), a release from the CSO stated on Monday.
All Items Index
The All Items Index for July 2024 was calculated to be 123.9, reflecting a 0.2-point or 0.2% increase from the June 2024 index.
Food and Non-Alcoholic Beverages
The Index for Food and Non-Alcoholic Beverages rose from 148.6 in June 2024 to 149.6 in July 2024, indicating a 0.7% increase. This rise was largely driven by higher prices for several items, including fresh whole chicken, Irish potatoes, soya bean oil, plantains, frozen whole chicken, table margarine, eggs, ochroes, carite, and dasheen.
However, these increases were somewhat balanced by decreases in the prices of other items such as pumpkin, tomatoes, melongene, white flour, celery, grapes, green sweet peppers, melon, mixed fresh seasoning, and garlic.
Sub-Indices Analysis
The CSO’s review of the data for July 2024 compared to June 2024 showed varied changes across different sub-indices. Notable increases were observed in:
- Alcoholic Beverages and Tobacco: Up by 1.7%
- Clothing and Footwear: Up by 0.1%
- Home Ownership: Up by 0.7%
- Rent: Up by 0.1%
- Health: Up by 0.1%
- Communication: Up by 0.1%
- Recreation and Culture: Up by 0.4%
- Hotels, Cafes, and Restaurants: Up by 0.9%
- Miscellaneous Goods and Services: Up by 0.1%
Conversely, decreases were seen in:
- Furnishing, Household Equipment, and Routine Maintenance of the House: Down by 2.2%
- Transport: Down by 0.5%
All other sections remained unchanged during this period.
