According to data released by the National Institute of Statistics (INS), the inflation rate in October 2024 held steady at 6.7%. This overall stability reflects a mix of accelerating and slowing price trends across different categories.
On one side, the rise in the inflation rate is driven by sharper year-on-year increases in the “restaurant, cafe, and hotel services” group, which saw prices climb by 11.1% in October, up from 8.8% in September. Food prices also experienced a slight acceleration, increasing by 9.3% year-on-year in October compared to 9.2% in the previous month. However, this upward pressure was offset by a slowing rate of price increase in the “clothing and footwear” category, which grew by 9.5% in October, down from 9.7% in September.
Month-on-month, consumer prices rose by 0.8% in October 2024 compared to September. This increase was primarily driven by a notable 6.2% rise in prices for “clothing and footwear” as new seasonal items hit the market, a 2.5% uptick in the “restaurants, cafes, and hotels” sector due to higher demand, and a modest 0.2% increase in food prices.
These dynamics illustrate a balanced but cautious inflation environment, influenced by varying pressures across consumer sectors.
