Analyzing Price Fluctuations in Food, Services, and Utilities
Inflation: Prices of Industrial Goods Continue to Rise, while Growth of Service Costs Slows Down
The latest data from the Statistics Agency reveals that consumer prices experienced a 0.53% increase in August. This figure is slightly lower than the previous year’s rate of 0.54%, but higher than the rate recorded in 2022, which stood at 0.52%.
Since the beginning of the year, inflation has reached 5.5%. While this marks an increase compared to the same period in 2023, when it was at 3.8%, it remains lower than the level observed two years ago, which was 6.98%.
As of the end of August, annual inflation stood at 10.5%, a noticeable increase compared to the previous year and a decrease compared to the three years before that.
Food prices rose by 0.5% in August, with significant increases seen in vegetables (5%) and meat (3.9%), while fruits and nuts became nearly 10% cheaper. The price of watermelons dropped by a third, melons by 28%, and grapes by 27%.
Annual food inflation was recorded at 2.8%, with meat products showing the highest price increase at 8.5%. On the other hand, vegetable prices decreased by 17.5%, and oil and fat products by 2%.
There were significant decreases in prices for cabbage, cucumbers, watermelons, onions, carrots, eggplants, eggs, and sunflower oil. Meanwhile, clothing, footwear, and furniture prices remained relatively stable.
Certain goods such as household appliances, electronics, and medicines experienced price increases in August, but the pace of inflation was slower compared to previous months.
On the energy front, propane prices rose by 20% in the month, while methane prices showed a more modest increase. Gasoline prices, however, slightly decreased.
In terms of services, the growth in prices slowed down with a 0.4% increase for the month and a 27.6% increase annually. The catering sector saw continued price rises, while prices in the hospitality sector stabilized.
Housing rental prices also saw a slight increase, with car, train, and air transportation becoming more expensive.
Overall, while industrial goods continue to rise in price, there is a slowdown in the growth of service costs, providing a mixed picture of the current inflation situation.
