Higher food prices offset cheaper utility bills

In November, the annual rate of inflation as measured by the Retail Price Index stood at 0.84 per cent.

An inflation rate of 0.84% was registered during November, with the reduction in utility bills having the largest downward impact on the annual inflation.

Statistics published by the National Statistics Office (NSO) show that the largest downward impact was mainly due to lower electricity rates.

In November, the annual inflation rate stood at 0.84%. A year earlier the annual rate was 0.20%.

The main upward impacts were recorded in the Food Index (0.64 percentage points), Transport and Communication Index (0.24 percentage points) and the Beverages and Tobacco Index (0.21 percentage points). This was mainly due to higher prices of vegetables, cars and cigarettes respectively.

“The largest downward impact on annual inflation was recorded in the Water, Electricity, Gas and Fuels Index (-0.63 percentage points), mainly due to lower electricity rates. The twelve-month moving average rate was 0.39 per cent,” the NSO said.