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The annual inflation rate has risen by 11.9 percent since July 2014, according to the latest monthly consumer price index report released by the Central Statistics Agency (CSA).
The report stated that the overall inflation rate, based on the average annual inflation rate change for 12 months, rose by 8.1 percent in July 2015 compared to last year.
National inflation on foodstuffs has increased by 13.9 percent compared to the inflation rate in July 2014. Meanwhile, the inflation rate for non-food items increased by 9.7 percent this year.
“The July 2015 general year‐on‐year inflation has increased by 11.9 percent as compared to the one observed in July 2014. The 11.9 percent rise in general inflation rate is due to the fact that the general Consumer Price Index (CPI) of 145.9 percent observed in July 2015 was higher than the corresponding 130.4 percent general CPI observed in July 2014,” the CSA report reads.
The price surge on food items was the primary cause for the surge in general inflation. Inflation on food has increased by 13.9 percent in a year. The food CPI reached 147.8 percent from the corresponding 129.7 percent recorded in July 2014, according to the report.
The report added that most of the food indices rose in July 2015. Particularly, the price of meat, milk, cheese, eggs, oils, vegetables, pulses, fruits and spices rose by noticeable figures in the month under review. The prices of lentils, which more than doubled in the past few months, and black pepper had shown especially dramatic price increases.
Inflation on bread and cereals grew by 1.8 percent due to an increase in the prices of cereals, the CSA report states.
The rise in inflation of non‐food items was caused by increased prices of clothing and footwear, construction materials (particularly cement), firewood and household goods and furnishings.
“However, there was a decline in the indices of transport,” the report adds.
Average inflation had started decreasing in September 2014, reaching 7.9 percent from 8 percent in August 2014. It dropped further in the following months and stood at 7.4 percent between November 2014 and April 2015, before it started increasing again in May.
The 12-month average inflation in May jumped to 8.1 from the 7.4 percent average in the previous month. The monthly general CPI for July 2015 has showed an increase of 1.8 percent compared to the preceding month.