The report points out that in March 2024, the contribution to the inflation rate of food and non-food groups stood at 2.1% and 0.4%, respectively.
On a monthly basis, annual food inflation remained steady at 5.0% in March 2024, in line with February 2024 figures.
The Department of Census and Statistics (DCS) has revealed the headline inflation rate as measured by the NCPI year-on-year, fell to 2.5% in March 2024, compared with 5.1% in February 2024. 2024. Compared to the same period last year – Annual inflation of the non-food group decreased to 0.7%. Food group inflation was unchanged at 5.0%.
Meanwhile, annual non-food inflation eased to 0.7% in March 2024 from 5.1% in February 2024.
The decrease in the index value of non-food groups in March 2024 compared to the previous month, was mainly due to price decreases in categories such as 'housing, water, electricity, gas and other fuel' (incl. including electricity bills) and 'clothes and shoes'. However, there have been reports of price increases for items in the 'alcoholic beverages, tobacco and drugs' and 'restaurants and hotels' categories.
Core inflation, which provides insight into underlying inflation by excluding volatile items such as food, energy and transportation groups, measured as year-over-year change based on NCPI for the month 3 year 2024, has increased to 3.4% from 2.7%. reported in February 2024.
The report highlights a notable decline in overall inflation, driven by both food and non-food categories, along with specific observations on price movements in different groups.
In addition, the increase in core inflation shows different nuances of core inflationary pressures in the economy.
Fiber2 Fashion News Desk (DR)
