The overall rate of inflation as measured by National Consumer Price Index (NCPI) on a year-on-year basis has dropped to 0.8% in September 2023 from 2.1% in August 2023, according to the Department of Census and Statistics.
Issuing the NCPI, for the month of September 2023, the Director General of Census and Statistics said that headline inflation as measured by the Year-on-Year change (The percentage change in the current month NCPI over same month NCPI of last year) based on the NCPI has been compiled as 0.8%.
Meanwhile food inflation has increased to -5.2% in September 2023 from -5.4% in August 2023.
The headline inflation reported for the month of August 2023 was 2.1%.
Contributions to the inflation rate of September 2023 from the food group and non-food group are -2.4% and 3.2% respectively, the report said.
On a monthly basis, the Year-on-Year inflation of the food group increased to -5.2% in September 2023 from -5.4% in August 2023 and the Year-on-Year inflation of the non-food group decreased to 5.9% in September 2023 from 9.0% in August 2023.
Comparing the month-on-month changes, NCPI (Base 2021=100) in September 2023 has increased to 203.5 from 201.9 reported in August 2023. This shows an increase of 1.6 index points or 0.8 percent as compared to August 2023.
The month-on-month change was contributed by increases in food items and non-food items of 0.41% and 0.36% respectively.
