The latest report from the Department of Census and Statistics (DCS) has revealed a notable decrease in the overall rate of inflation, measured by the National Consumer Price Index (NCPI) on a Year-on-Year basis.
March 2024 saw a decrease to 2.5%, compared to the 5.1% recorded in February of the same year.
According to the report, the contributions to the inflation rate in March 2024 were 2.1% from the food group and 0.4% from the non-food group.
Monthly comparisons indicate that the Year-on-Year inflation of the food group remained stable at 5.0% in March 2024, consistent with February 2024 figures. Conversely, the Year-on-Year inflation of the non-food group decreased to 0.7% in March 2024 from the 5.1% reported in February 2024.
The report highlights decreases in index values of non-food groups in March 2024 compared to the previous month, primarily attributed to price decreases in categories such as 'Housing, Water, Electricity, Gas and Other fuels' (Electricity bill) and 'Clothing and Footwear'.
However, price increases were noted in categories including 'Alcoholic Beverages, Tobacco and Narcotics' and 'Restaurants and Hotels'.
Furthermore, core inflation, which excludes volatile items of food, energy, and transport groups, increased to 3.4% in March 2024 from 2.7% reported in February 2024, reflecting underlying inflationary trends in the economy.
