Inflation at a New High: Which Categories Saw the Biggest Price Increases

According to data released Monday by the National Institute of Statistics (INS), major price hikes have affected air transport, detergents and heating energy in the past year. In October 2023, air transport fares increased by 25.89%, detergent prices rose by 23.97% and the price of thermal energy went up by 22.26%.

In the food commodity sector, price increases averaged 8.66% compared to October 2022. The most significant increases were in beer (17.10%), fresh fish (16.82%) and canned fish (15.43%). At the same time, edible oil saw a significant cheapening (-24.65%), along with flour (-20.19%) and cornflour (-11.08%), show INS data.

In the non-food goods sector, detergents saw a significant increase of 23.97%, heat energy 22.26% and hygiene and cosmetic items 17.25%. By contrast, electricity fell by 10.46%.

In terms of services, air transport fares saw a significant increase of 25.89%, followed by water, sewerage and sanitation with an increase of 21.21%.  However, the annual inflation rate fell to 8.07% in October from 8.8% in September, amid significant increases in food and non-food goods, but also higher prices for services.