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Thursday 2 February 2023
HomeFeatured NewsInflation soars into double digits!

Inflation soars into double digits!

Unanimously predicted and given for imminent, inflation in Tunisia has boldly crossed the 10 percent mark, standing more precisely at 10.1 percent for the month of December 2022. The Tunisians thus find themselves where they feared to be: inflation in double digits.

It is even as much as uncomfortable as that this rate is irreversibly expected to climb up, given the multiple developments that disrupt the entire economic and financial architecture both domestically and internationally.

In December 2022, consumer prices rose by 0.7% from 0.6% in November. This increase is mainly due to the rise in prices of transport services by 2.6%, prices of clothing products by 1.5% and prices of food products by 0.2%, explains the National Institute of Statistics (INS).

Slight rise in food prices

In monthly variation, food prices increased slightly by 0.2%, mainly due to the rise in prices of poultry (+2.8%), edible oils (+2.8%) and lamb meat (+1.5%), while vegetable prices are down 4.1%.

Also in December, prices in the clothing group rose by 1.5% due to the increase in prices of winter clothing by 1.6% and shoes by 1.4%.

Transportation services also up

In turn, prices of transport services rose by 2.6% mainly due to the increase in prices of the group “private and public transport service” by 6.3%, following the implementation of new tariffs.

Year-on-year, food prices went up 14.6%. This increase is mainly due to the rise in prices of eggs by 38.9%, sheep meat by 26.3%, edible oils by 22.8%, beef by 19.5% and fresh vegetables by 17.2%,

Manufactured goods and services

Over one year, prices of manufactured goods increased by 10.2% due to the rise in prices of building materials by 9.4%, clothing products by 9.5% and household maintenance products by 10.1%. For services, the 6.7% year-on-year price increase is mainly explained by the 9.9% rise in prices of restaurants, cafés and hotels, 5.6% for ambulatory services and 11.7% for public and private transport services.

Finally, the core inflation rate (excluding food and energy) stood at 7.7%, from 7.3% the previous month. Prices of free (unregulated) products increased by 10.9% over one year. Prices of administered products increased by 7.6%. Free food products rose by 17.3% compared to 0.6% for administered food products.

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