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Food prices increase by 9% but overall rate of inflation falls

On the up: food prices have risen 9 per cent in 12 months, according to the latest figures (File photograph)

Food prices have shot up by 9 per cent in the past year, while the fuel and power sector saw an increase of more than 15 per cent, according to the latest inflation figures.

But overall the rate of inflation rose by just 4.5 per cent in the 12 months from July 2021, and shows signs of slowing down — last month’s inflation rate stood at 4.7 per cent.

According to the Consumer Price Index report’s year-on-year analysis, the hike in groceries was driven by rises in bread (20.7 per cent), potatoes (23.2 per cent) and fruit juices (18.4 per cent).

The report, released by the Department of Statistics today, stated that the cost of transport and foreign travel increased 8 per cent and there were also increases of more than 4 per cent in the education and health sectors.

The figures show that the basket of goods that cost $100 in April 2015 had risen to $107.70 by July 2021, and increased further to $112.60 by July this year.

Month on month, the cost of food rose 1.1 per cent between June and July, fuel was up 1.5 per cent, clothing and footwear 2.1 per cent, and liquor and cigarettes dropped by 0.1 per cent.

The report also acknowledged that figures released last month contained an error. The report stated: “There was an inaccuracy in the compilation of the monthly index numbers for the fuel and power sector of the Consumer Price Index.”

The Royal Gazettequestioned Jason Hayward, the Minister of Economy and Labour, about the apparent discrepancy last month. Mr Hayward replied that no error had been made, and that any apparent confusion had been caused by a “technical revision” in calculating the figures.

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Published November 06, 2022 at 9:06 pm (Updated November 06, 2022 at 9:06 pm)

Food prices increase by 9% but overall rate of inflation falls

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