Inflation fell -0.17 percent in January this year from December last year, the first Consumer Price Index (CPI) of 2024 released by the National Statistics Bureau has shown.
According to the latest CPI report, declines in the prices of water, electricity, household electrical appliances, vegetables and fruit were the main contributors to the decrease in the CPI. With the exception of the health sector, prices of all the groups in the CPI were lower than in December.
The price increase in the health sector was due to a 1.5 percent rise in the price of outpatient services and a 4.6 percent hike in the prices of assistive products sold for bedridden patients and persons with disabilities. Overall, prices in the health sector rose 1.5 percent.
Groups with the largest price drops
- Furniture and household equipment: -1.5 percent
- Communication services: -0.4 percent
- Rent, water, electricity, fuel and other energy products: -0.3 percent
- Transport: -0.3 percent
- Clothing and footwear: -0.2 percent
Despite the fall in prices in monthly terms, prices for most groups rose last month compared to January last year. The biggest price hike in the past year was recorded for food and raw fish with 4.6 percent and 7.4 percent respectively. Prices in the insurance and financial services sector also rose five percent.
The annual rate of inflation stood at 0.8 percent in January.
