July inflation dips to 6.1%

Saturday, 22 August 2020 00:11 - - {{hitsCtrl.values.hits}}

Slight reduction from June driven largely by lower food prices

Headline inflation as measured by the year-on-year (Y-o-Y) change in the National Consumer Price Index (NCPI) decreased to 6.1% in July from 6.3% in June, the Central Bank said yesterday.

This was mainly driven by the statistical effect of the high base prevailed in July 2019. Meanwhile, Food inflation (Y-o-Y) decreased to 12.9% in July from 13.6% in June, whereas Non-Food inflation (Y-o-Y) increased to 1% in July from 0.8% in June.

The change in the NCPI measured on an annual average basis increased to 5.9% in July from 5.6% in June.

Monthly change of NCPI recorded at 0.0% in July.

This was due to setting-off the price decline of 0.15% in the Food category, with the price increase observed in the Non-Food category by the same magnitude.

Accordingly, within the Food category, prices of vegetables, red onions, limes and rice declined during July, while prices of items in Restaurants and Hotels; Alcoholic Beverages and Tobacco; and Health subcategories recorded increases within the Non-Food category.

Further, core inflation (Y-o-Y) increased to 4.5% in July from 4.4% in June, while annual average core inflation decreased to 4.5% in July from 4.6% in June.