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HomeFeatured NewsInflation hits record to 8.1% in June

Inflation hits record to 8.1% in June

The inflation rate is in a new upward trend in June 2022, increasing again to reach 8.1% from 7.8% in May, 7.5% in April and 7.2% in March, according to data from the National Institute of Statistics (INS) released Tuesday.

The Institute explained this rise mainly by the acceleration of the pace of price increases in the group of food products (9.5% against 8.2% in May), prices of the “furniture, household items and routine household maintenance” group (9.7% against 8.4% in May) and prices of the “leisure and culture” group (6.3% against 5.5% in May).

Similarly, food prices picked up by 9.5% year-on-year in June 2022. This increase is mainly due to the 20.8% rise in the price of eggs, 20.2% for edible oils, 15.6% for fresh fruit, 10.5% for sheep meat and 10.3% for grain products.

For manufactured products, the increase by 9.7% over one year is explained by higher prices of building materials by 10.4%, clothing products by 9.8% and household maintenance products by 7%.

In services, prices grew 5.4% year-on-year due to a 7% increase in prices for restaurant, cafe and hotel services and a 4.6% increase in rents.

Core inflation drops to 7.2 percent

The core inflation rate (excluding food and energy) dropped to 7.2% in June 2022 from 7.4% the previous month.

Prices of free (unregulated) goods rose by 8.5% year-on-year. Prices for regulated products went up by 6.8%.

For free food products, they rose by 11.4% compared to 0.2% for food products with regulated prices.

It should be noted that consumer prices increased by 0.7% in June 2022, from 0.9% in May and 1.4% in April.

According to the INS, this increase is mainly due to the acceleration of prices of the food and beverages (0.5%) group and prices of the furniture, household items and routine home maintenance group (1.7%) and prices of the leisure and cultural services group (1.1%), as well as prices of clothing and footwear (1.8%).

In monthly variation, food prices went up by 0.5%, mainly due to higher prices for fresh vegetables (2.9%), sheep meat (1.5%), edible oils (1.5%) and grain products (1.1%). On the other hand, egg prices fell by 8.2%.

Over one month, prices for furniture, household goods and routine household maintenance rose by 1.7%. This increase is explained by the rise in prices of goods and services related to routine household maintenance (2.1%), prices of household appliances (1.7%) and prices of furniture and furnishings (1.2%)

For the leisure and culture group, prices in this group rose by 1.1% over one month. This evolution is explained by the rise in prices of the recreational and cultural services group (2.6%) and the prices of newspapers, books and stationery.

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