The Planning and Statistics Authority (PSA) has released the Consumer Price Index (CPI) for the month of January 2024. The CPI of January 2024 reached 108.55 points showing a decrease of 1.30% when compared to CPI of December 2023. Compared to CPI of January 2023, [Y-o-Y basis, an increase of 2.99% has been recorded in the general index (CPI) of this month.

When comparing the main components of CPI for the month of January 2024, with the previous month December 2023 (Monthly change), it is found that, there was a decrease in five groups, six groups increased, and one group remained unchanged.

The groups showed decrease as a follow: “Communication” by 11.92%, “Recreation and Culture” by 8.80%, “Clothing and Footwear” by 2.45%, “Furniture and Household Equipment” by 0.54%, and “Health” by 0.14%.

An increase has been recorded in “Restaurants and Hotels” by 3.63%, “Transport” by 1.90%, “Food and Beverages” by 0.76%, “Miscellaneous Goods and Services” by 0.70%, “Housing, Water, Electricity and other Fuel” by 0.58%, and “Education” by 0.01% which is almost stable. “Tobacco” remained flat at the last month’s price level. ​

A comparison of the CPI, January 2024 with the CPI, January 2023 (Annual Change), an increase has been recorded in the general index (CPI) by 2.99%. This [Y-o-Y] price increase primary due to the prices rising in six groups namely: “Recreation and Culture” by 23.17%, “Food and Beverages” by 5.23%, “Communication” by 3.59%, “Education” by 3.25%, “Furniture and Household Equipment” by 1.41%, and “Miscellaneous Goods and Services” by 0.64%. A decrease has been shown in price levels in “Clothing and Footwear” by 6.05%, followed by “Housing, Water, Electricity and other Fuel” by 2.27%, “Health” by 1.59%, “Restaurants and Hotels” by 1.39%, and “Transport” by 0.13%. No changes recorded on “Tobacco”.

The CPI of January 2024 excluding “Housing, Water, Electricity and other Fuel” group stands at 111.95 points, recorded a decrease by 1.73% when compared to the index of December 2023. Compared with its counterpart in 2023, the CPI of January index increased by 4.28%.