Inflation Increases Marginally To 11.4%

Inflation increased marginally by .2% for July, the Statistical Service has reported.

July’s 11.4% inflation is up from June’s 11.2%.

According to the Statistical Service, the increase was mainly driven by food inflation.

Month-on-month inflation between June 2020 and July 2020 was 0.5% which is lower than the 1.0% recorded between May and June 2020, the Statistical Service said.

Two of the 13 basket categories had higher than average inflation rates – Housing, Water, Electricity and Gas recorded 20.3%, while Food and Non-Alcoholic Beverages recorded 13.7%.

year-on-year inflation for food and non-alcoholic beverages recorded an inflation of 13.7%, 0.1% lower than in June 2020  which was 13.8% and 1.4 percentage points lower than May 2020 -15.1%.

For the non-food basket, year-on-year inflation was 9.7%, which is .5% higher than the 9.2% measured in June 2020.

In respect of the food category Vegetables recorded inflation of 28.2% while Fruits and Nuts recorded 13.0% inflation. These were the food subclasses with the highest inflation. 

Month-on-month inflation for Fruits and Nuts stood at 0% while Vegetables recorded a negative inflation of -1.5%.

Housing, Water, Electricity and Gas recorded the highest year-on-year non-food inflation of 20.3% while Life and Accident Insurance (-13.4%), Electricity (-35.5%) and Electric Appliances for Personal Care (-66.4%) recorded the lowest inflation in the non-food category.

Imported goods recorded 5.1% inflation, while local goods recorded 14.1% inflation on average.

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