Food inflation showing signs of slowing as it falls below 10%
Year-on-year food inflation slowed in February, according to figures released by the Ministry of Economy and Labour.
Food sector prices increased by 9.2 per cent year-on-year, falling below 10 per cent for the first time since September 2022.
Overall, consumers paid 4.2 per cent more in February 2023 than a year ago for the basket of goods and services included in the Consumer Price Index.
A spokesman for the ministry said: “This level of inflation declined from the January 2023 annual inflation rate of 4.5 per cent.
“The food sector was the largest contributor to the 12-month increase in the CPI.”
The figures include a 67.7 per cent increase in the cost of eggs, a 55.3 per cent increase in the cost of lettuce and a 17.7 per cent rise in the cost for dry breakfast cereals.
However, the cost for red grapes fell by 9.8 per cent and the cost for spare ribs fell by 7.8 per cent.
The figures showed that food costs overall fell by 0.2 per cent between January and February, with decreases in the cost of a variety of items including lettuce (17.7 per cent), red grapes (13.0 per cent), onions (4.5 per cent), potato chips (4 per cent), tomatoes, broccoli (both 3.4 per cent) and bread (3.3 per cent).
The household goods, services and supplies sector saw a 4.2 per cent annual increase, but remained steady between January and February.
Meanwhile, the health and personal care sector saw a 3.2 per cent annual increase but fell by 0.1 per cent between January and February.
The costs for transport and foreign travel rose by 7.4 per cent year-on-year despite decreases in the cost of fuel, while costs for the education, recreation, entertainment and reading sector increased by 4 per cent annually.
Meanwhile, the all-items index rose from 113.7 to 113.8, which means that the basket of goods and services that cost $100 in April 2015 now costs $113.80.
While food inflation remains high, the figure has fallen notable from January, when the year-on-year inflation was estimated at 10.1 per cent.
Annual increases in food prices stood at 10.3 per cent last December, at 10.4 per cent last November and 10.3 per cent for October.
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