Inflation nears double-digit to 9.8% in November 2022 [Upd 1]

(TAP) -The inflation rate confirmed its upward trend in November 2022, increasing again to 9.8%, from 9.2% in October, the National Institute of Statistics (INS) said Monday.


This increase is explained by the rise in food prices by 15.1% over a year, due mainly to the increase in prices of eggs by 43.4%, fresh vegetables (32.4%), sheep meat (24.3%), edible oils (20.4%) and beef (17.4%), the INS added in its note on the Consumer Price Index for the month of November.


Over a year, the prices of manufactured goods went up 9.8% due to the increase in prices of building materials by 10%, clothing products by 9.5% and household cleaning products by 9.9%. For services, the 6% year-on-year price increase was mainly explained by the 9.8% rise in prices for restaurant, café and hotel services.


Core inflation and core product inflation


The core inflation rate (excluding food and energy) was 7.3% in November, compared to 7.4% in October. Prices of free products (not framed) grew 11% over one year. The prices of administered products increased by 6.2%. Free food products rose by 17.9% compared to 0.6% for administered food products.


Consumer prices up 0.6%


Consumer prices rose 0.6% in November 2022, from 1% in October. This increase was mainly due to a 1.3% rise in food prices, a 0.8% growth in prices for products in the “furniture and household goods and home maintenance” group, and a 0.6% rise in prices for transportation services.


In monthly variation, food prices picked up 1.3%, mainly due to the rise in prices of eggs (7.5%), vegetables (6.1%), dairy products and cheeses (3.4%) and edible oils (3%). On the other hand, poultry prices dropped 10.6%.


Over a month, prices of products in the “furniture and household goods and routine household maintenance” group rose by 0.8%, mainly due to the 1.2% increase in prices of routine household maintenance goods and services.


In November, prices of transportation services grew 0.6% mainly due to the 0.9% increase in prices of the group “vehicle operating expenses.”



Source: TAP News Agency