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Inflation, which measures the change in consumer prices of a certain basket of goods, has recorded another decline during the month of August.
INSTAT data revealed that the annual change in the consumer price index in August 2023 is 4.0%, a year ago this change was 8.0%.
This is the lowest level of inflation since February 2022, before Russia's attack on Ukraine began, causing chaos in markets and raising the prices of many products. Compared to October 2022, when the highest level was reached since 1998, of 8.3%, inflation has been halved.
However, food, which takes up the largest part of a family's budget, continues to remain expensive. According to INSTAT, food accounted for more than half of inflation in August, increasing by 7.8%, albeit at a slower pace than in previous months.
Cafes and restaurants are also more expensive with 5% more, while the decrease in fuel has continued compared to a year ago, although on a monthly basis they are becoming more expensive.
The influence of the main groups on the annual change of the consumer price index.
The annual price increase in August was mainly influenced by the group "Food and non-alcoholic beverages" with +2.78 percentage points, followed by the group "Rent, water, fuel and energy" with +0.44 percentage points. The prices of the "Furniture, home appliances and home maintenance" group increased by +0.43 percentage points. Prices of the group "Hotels, cafes and restaurants" with +0.23 percentage points. Prices of the group "Various goods and services" with +0.20 percentage points. The prices of the groups "Alcoholic drinks and tobacco" and "Clothes and shoes" by +0.16 percentage points each. "Entertainment and culture" group awards with +0.09 percentage points. The prices of the groups "Health" and "Educational service" with +0.06 percentage points each. The prices of the group "Communication" with +0.03 percentage points. The prices of the "Transport" group contributed with -0.66 percentage points.
Annual changes of the main groups:
Compared to the month of August 2022, the biggest increase in prices is observed in the group "Food and non-alcoholic beverages" with 7.8%, followed by the groups "Furniture, household appliances and home maintenance" with 5.9%, "Hotels, cafes and restaurants" with 5.0%, "Clothing and shoes" with 4.4%, "Entertainment and culture" with 3.9%, "Miscellaneous goods and services" with 3.7%, "Alcoholic beverages and tobacco" with 3.2%, "Rent, water, fuel and energy" with 2.3%, "Educational service" with 2.2%, "Health" with 1.3% and "Communication" with 1.1%. On the other hand, the prices of the "Transporti" group decreased by 10.0%. Within the food group, the prices of the subgroup "vegetables including potatoes" increased by 20.8%, followed by the subgroups "meat" by 9.6%, "milk, cheese and eggs" by 9.1%, "fruit" by 7 ,7%, "fish" with 5.3%, "sugar, jam, honey, chocolate and sweets" with 3.5%, "bread and cereals" with 2.3%, etc.
Monthly changes of the main groups:
Compared to July 2023, the prices of the group "Transport" increased by 2.8%, followed by the prices of the group "Rent, water, fuel and energy" by 1.1%, "Food and non-alcoholic beverages" and "Hotels" , cafes and restaurants" with 0.4% each, "Furniture, home appliances and home maintenance" with 0.3%, "Health", "Educational service" and "Miscellaneous goods and services" with 0.2% each , "Communication" and "Entertainment and culture" with 0.1%. On the other hand, the prices of the "Clothing and shoes" group decreased by 0.1%. /Monitor
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