The hydra of inflation seems to be out of control. Its rate soared to 9.8% in November 2022. This means that inflation is only a short distance away from double digits, and it should be in the order of things to be done by the end of this year, given its rate of progression.
Indeed, in November 2022, consumer prices rose by 0.6% from 1% in October. This increase is mainly related to the rise of food prices by 1.3%, prices of products in the group “furniture and household items and home maintenance” by 0.8% and prices of transport services by 0.6%, says the National Institute of Statistics (INS).
In monthly variation, the prices of food products went up by 1.3%, mainly due to the increase in prices of eggs (+7.5%), vegetables (+6.1%), dairy derivatives and cheese (+3.4%), edible oils (+3%), in contrast, the prices of poultry dropped 10.6%.
In the same month of November, prices of products in the group “furniture and household goods and routine household maintenance” increased by 0.8% mainly due to the rise of prices of goods and services of routine household maintenance by 1.2%.
Prices for transportation services were also up. They increased in November by 0.6% mainly due to the rise in prices of the “vehicle operating expenses” group by 0.9%.
Food soars 15.1% in one year
It is essential to know that in November 2022, food prices rose 15.1% year-over-year. This increase is mainly due to the rise in prices of eggs by 43.4%, fresh vegetables by 32.4%, sheep meat by 24.3%, edible oils by 20.4% and beef by 17.4%.
Also over a year, the prices of manufactured goods grew 9.8% due to the rise in prices of building materials by 10%, clothing products by 9.5% and household cleaning products by 9.9%. For services, the 6% year-over-year price increase is mainly explained by the 9.8% rise in prices for restaurant, café and hotel services.
Core inflation and core product inflation
The core inflation rate (excluding food and energy) was 7.3% from 7.4%, the previous month. Prices of free products increased by 11% year-on-year. Prices of administered products grew by 6.2%. Free food products rose by 17.9% compared to 0.6% for food products with regulated prices.
