Inflation hits nearly 117%

THE annual rate of inflation in the TRNC has risen from 110.42 per cent to 116.56 per cent according to the latest monthly figures published by the Statistical Institute.

The Consumer Price Index data also showed that the prices of everyday goods and services rose by an average of 5.21 per cent in July compared to the previous month, while prices have gone up by 64.93 per cent since the start of 2022.

A breakdown of month-on-month inflation by main expenditure group showed that the biggest price increases came in the “restaurants and hotels” group, with a rise of 17.45 per cent.

That was followed by “healthcare” (14.71 per cent), “housing, water, electricity, gas and other fuels” (12.56 per cent), “entertainment and culture” (9.92 per cent), “communications” (12 per cent), “furniture, household appliances and home care services” (3.21 per cent), “non-alcoholic beverages” (2.75 per cent), “miscellaneous goods and services” (2.17 per cent), “clothing and shoes” (1.09 per cent), “alcoholic beverages and tobacco” (0.41 per cent), and “education” (0.33 per cent).

The only expenditure group to see an average fall in prices in July was the “transportation” group, with prices down by 1.43 per cent.

Among the basket of goods and services used to calculate inflation, the average prices of 534 items rose while the average prices of 65 items fell.

The items that had the biggest price hikes in July were “A” ferry tickets (152.77 per cent), red cabbage (119.64 per cent), and lemons (114.76 per cent).

The largest price falls were for aubergines (-46.21 per cent), melons (-39.15 per cent) and okra (-37.56 per cent).