Inflation reaches 9.3% in August 2023 says INS

Inflation rose to 9.3% in August 2023 after five consecutive months of decline, compared with 9.1% in July 2023 and 9.3% in June 2023, the National Statistics Institute (INS) announced on Tuesday.

This rise in inflation is due to an acceleration in the rate of price increases between August and July of this year compared with the same period last year, particularly in the “Food” group, where the year-on-year increase in prices rose from 14.2% to 15.3%, the “Alcoholic beverages and tobacco” group (from 1.8% to 4.6%) and the “Hotels and restaurants” group (from 11.2% to 11.5%).

According to the NSI, the ‘Manufactured goods’ and ‘Fresh food’ groups were the sectors that contributed most to overall inflation, with 2.6% and 2.5% respectively, while the ‘Energy’ group made the smallest contribution, with 0.4%.
In terms of contribution to inflation by scheme, the ‘free food’ and ‘free non-food’ groups were also the biggest contributors to inflation, at 4%.

By contrast, the regulated food group made the smallest contribution (0.1%).
In August 2023, food prices were 15.3% higher than a year earlier. This increase was mainly due to higher prices for ground coffee (35%), sheepmeat (33%), eggs (29.7%), edible oils (23.7%) and beef (20.4%).


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