Inflation Rate Drops To 8.3% In September-NBS
In its Inflation/Consumer Price Index report, the bureau said the year-on-year inflation rate had continued to decrease as a result of slower rate of increase in food prices.
“In September, the CPI, which measures inflation, rose by 8% year-on-year, 0.2% points lower from 8.2% recorded in August. The year-on-year rate for the headline index continues to trend downwards from the 9% recorded in January 2013,” the NBS stated in the report.
The CPI measures the average change over time in prices of goods and services consumed by people in their day-to-day living.
According to the bureau, the rate of inflation slowed for a second consecutive month in September after a slight up-tick in July.
“This was largely as a result of a slower rate of increase in food prices as the recent harvest season continues to constrain rising food prices. Compared to August, prices trended lower in most food classes except for the dairy products (milk, eggs and cheese), and oil and fat classes,” the report added.
The NBS stated that the rate of increase in food prices moderated for the second consecutive month in September as produce from the ongoing harvest continued to put downward pressure on the food sub-index.
It said the rate recorded in September was 9.4 per cent, 0.3 percentage points lower than 9.7 per cent recorded in August.