In January 2024, headline inflation decreased by 1.11% year-on-year, marking the fourth consecutive month of deceleration. This was attributed to declining prices in various categories.
Decline in Goods Prices and Decreasing Inflation Trend
January 2024 marked the fourth consecutive month of decreasing inflation, reflecting a sustained pattern of deceleration. Prices of goods across various categories have been on a downward trend, contributing to the overall slowdown in headline inflation. The Trade Policy and Strategy Office (TPSO) reported that January 2024 recorded the lowest inflation rate in 35 months, emphasizing a significant decline in prices.
Lowest Inflation Rate in 35 Months
According to the Trade Policy and Strategy Office (TPSO), January 2024 saw inflation at its lowest in 35 months, indicating a notable downward trend. The consumer price index measured headline inflation, which decreased by 1.11% year-on-year in January, compared to the previous months. The decrease in energy prices, as well as a decline in raw food prices, played a significant role in the overall reduction of inflation.
Reasons for Decrease in Inflation
The decline in inflation is attributed to the state sector’s measures to reduce energy costs, resulting in a reduction in prices within the Energy group. Additionally, a decrease in prices of fresh vegetables and meat was observed due to a higher quantity of products in the market, coupled with a high price base in January 2023.
