Consumer prices hit their lowest point in three years this October, even as basic food prices rose at more than double the headline rate, data showed.
Annual inflation climbed 0.6 percent in October 2024, marking the lowest annual change since March 2021.
For the January-October 2024 period, the Consumer Price Index (CPI) increased by 1.8 percent compared to the same period last year.
The food price index, however, maintained its upward trajectory, recording a 5.1 percent annual increase in October without the zero VAT rate that was removed following a Finance Ministry announcement on 25 September citing declining inflation.
Two weeks after the initial announcement to abolish the zero VAT rate, the government reversed course, reinstating the measure for six categories including nappies, adult diapers, baby milk, feminine hygiene products, vegetables and fruits, citing support for young couples and the middle class.
Food inflation could decrease in coming months following the reintroduction of zero VAT on these basic items from November 4 until December 31, 2025.
Data released by the Statistical Service revealed persistent price pressures across food categories.
Bread and cereals saw a 3.4 percent annual increase in October, while rice prices rose 7.2 percent.
Beef prices climbed 8.6 percent, and lamb and goat meat prices increased by 12.4 percent.
Whole fresh milk prices rose 4.6 percent, while low-fat fresh milk increased by 3.4 percent.
Oils and fats recorded a 9.4 percent increase, with olive oil prices surging 56.2 percent year-on-year.
Fresh fruit prices increased by 7.5 percent, while vegetable prices jumped 16.6 percent. Potato prices soared 63.8 percent compared to last year’s 20.1 percent decline.
Some relief came from price decreases in sugar (29.3 percent), poultry (2.5 percent), and ice cream (3.1 percent).
Mineral water prices rose 2.8 percent and soft drinks 6.1 percent, while wine and beer prices fell 1.6 percent.
Baby food prices increased by 4 percent and personal hygiene products by 2.8 percent.
Energy costs declined, with petroleum prices falling 15.79 percent, petrol 12.57 percent, and electricity 7.94 percent. Air passenger transport saw a 5.30 percent decrease.
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