- 0.34% monthly decrease on CPI of February 2024.
- 2.70% annual increase on CPI of February 2024, compared with February 2023.
The Planning and Statistics Authority (PSA) has released the Consumer Price Index (CPI) for the month of February 2024. The CPI of February 2024 reached 108.18 points showing a decrease of 0.34% when compared to CPI of January 2024. Compared to CPI of February 2023, [Y-o-Y basis, an increase of 2.70% has been recorded in the general index (CPI) of this month.
When comparing the main components of CPI for the month of February 2024, with the previous month January 2024 (Monthly change), it is found that, there was a decrease in five groups, three groups increased, and four groups remained unchanged.
The groups showed decrease as a follow: “Recreation and Culture” by 1.82%, “Restaurants and Hotels” by 1.34%, “Miscellaneous Goods and Services” by 0.34%, “Transport” by 0.28%, and “Food and Beverages” by 0.20%. An increase has been recorded in “Clothing and Footwear” by 1.49%, “Communication” by 0.25%, and “Furniture and Household Equipment” by 0.09%. “Tobacco”, “Housing, Water, Electricity and other Fuel”, “Health”, and “Education” remained flat at the last month’s price level.
A comparison of the CPI, February 2024 with the CPI, February 2023 (Annual Change), an increase has been recorded in the general index (CPI) by 2.70%. This [Y-o-Y] price increase primary due to the prices rising in six groups namely: “Recreation and Culture” by 16.56%, “Food and Beverages” by 6.56%, “Communication” by 3.84%, “Education” by 3.25%, “Furniture and Household Equipment” by 1.40%, and “Miscellaneous Goods and Services” by 0.59%. A decrease has been shown in price levels in “Clothing and Footwear” by 3.88%, followed by “Housing, Water, Electricity and other Fuel” by 1.66%, “Health” by 1.59%, “Transport” by 0.64%, and “Restaurants and Hotels” by 0.60%. No changes recorded on “Tobacco”.
The CPI of February 2024 excluding “Housing, Water, Electricity and other Fuel” group stands at 111.48 points, recorded a decrease by 0.42% when compared to the index of January 2024. Compared with its counterpart in 2023, the CPI of February index increased by 3.75%.
