Monthly inflation in October hits 5-year low

By the end of October, annual inflation was at 10.24%, showing a slight deceleration compared to September but still significantly higher than last year’s figures. Food prices rose by 1.1% during the month, with vegetable prices increasing by 2.8%, oil by 2.2%, and fruits by 1.9%. However, seafood and grains saw modest price decreases of 0.4% and 0.3%, respectively. Some individual products saw substantial price increases, with cucumbers up by 33% and bell peppers by 21.5%.

Food inflation over the past year slowed to 2.2%, with average prices now 1.4% lower than at the start of the year. Meat and fish prices recorded the most significant increases, at 9.8% and 7.1% respectively, while vegetables, fruits, and dairy products experienced notable declines, with vegetable prices falling 7.6%, fruits by 7.4%, and dairy by 2.8%. Items such as cabbage, grapes, and eggs saw price drops of 33%, 30%, and 23%, respectively, compared to October last year. On the other hand, garlic, potatoes, and lamb registered price hikes, with garlic up 45%, potatoes 17.6%, and lamb 12.3%.

Non-food items saw a monthly price rise of 0.7%, while annual inflation for these goods slightly eased to 8.1%. Clothing and footwear prices showed slight increases of 0.5% and 0.6% in October, with annual growth rates remaining steady at 5.4% and 5%. Furniture prices rose by 0.4% over the month, household appliances by 0.5%, and electronics by 0.3%. Medicine prices saw a 1.1% increase in October, with a 24.5% rise year-on-year.

Gasoline prices climbed by 1.5% for the month, contributing to a 10.5% annual increase. Propane prices, following a sharp rise in September, went up another 1.2% in October, with an annual increase of 48.6%.

In the services sector, monthly inflation slowed to 0.8%, while the annual rate held at 28.7%. Prices in the restaurant sector rose by 1.2% in October, with an annual increase of 12.7%. Hotel prices increased by 0.9% for the month and 18.9% for the year. Housing rental prices rose by 1.9% in October, resulting in an annual increase of 13.8%. Costs for automobile transport grew by 0.4% in October and 10.4% for the year, while airfares dropped by 0.3% monthly but increased by 8.2% year-on-year.