The National Statistical Institute (NSI) has unveiled the latest inflation data for January 2024, shedding light on notable shifts in consumer prices across various sectors.

According to preliminary NSI figures, January 2024 saw a monthly inflation rate of 0.5%, with annual inflation reaching 3.8%. This data provides crucial insights into the economic landscape, indicating trends in price fluctuations that impact consumers nationwide.

Key highlights from the NSI report reveal significant price increases in several essential categories compared to the previous month. Notably, the groups experiencing the largest price hikes include housing, water, electricity, gas, and other fuels, with a notable surge of 2.2%. Additionally, food products and soft drinks witnessed a substantial increase of 1.0%, alongside education (+0.8%) and healthcare (+0.6%).

Conversely, certain sectors experienced a decrease in prices during the same period. The NSI report indicates a notable decline in the groups of clothing and footwear (-3.5%) and transport (-1.7%), reflecting fluctuations in consumer spending patterns and market dynamics.

Of particular significance is the average annual inflation rate for the period spanning February 2023 to January 2024, which stands at 8.4% compared to the preceding twelve months.