Inflation at a three-year low rising at a rate of 0.7% in September

Inflation hit a three-year low due to the fall in oil prices in September 2024, rising at a rate of 0.7%, according to data released by the CySTAT.

The Consumer Price Index (CPI) in September 2024 increased by 0.38 units to 118.48 units compared to 118.10 units in August 2024.

The largest change in economic categories compared to both September 2023 and the previous month was recorded in Petroleum Products, with percentages of -11.40% and -4.78%, respectively.

Analysis of Percentage Changes

Compared to September 2023, the largest changes were observed in the categories of Restaurants and Hotels (5.6%) and Transportation (-6.3%).

In relation to August 2024, the largest changes were noted in the categories of Clothing and Footwear (5.3%), Transportation (-3.4%), and Education (2.7%).

Analysis of Effects in Units

The largest positive impact on the change of the CPI in September 2024 compared to September 2023 came from the categories of Food and Non-Alcoholic Beverages (0.90) and Restaurants and Hotels (0.57). The largest negative impact was from the category of Transportation (-1.18).

The greatest impact on the change of the CPI compared to the previous month was in the category of Transportation (-0.61).

The largest positive contribution to the change of the CPI in September 2024 compared to the index of September 2023 came from the categories of Miscellaneous Other Goods and Services (0.93), Catering Services (0.56) and Fresh Vegetables (0.36).

Miscellaneous Other Goods and Services (0.71) had the largest positive impact on the change of the CPI in September 2024 compared to the corresponding index of the previous month, while the largest negative impact was from the category of Petroleum Products (-0.51).

For the period January-September 2024, the CPI increased by 1.9% compared to the corresponding period of the previous year. The largest changes were observed in the categories of Restaurants and Hotels (5.7%) and Other Goods and Services (3.2%).

(Source: CNA)