Inflation slows, unemployment rises

The annual inflation rate in January was 7.1%, continuing the deceleration path for the third consecutive month, while the number of unemployed rose 8.6%.

January’s Consumer Price Index decreased by 1.42 points to 112.01 points compared to 113.43 points in December.

The annual inflation rate slowed to 7.1% from 7.9% in December.

The largest changes when compared to the index of January 2022 were in electricity, up 35.6% and industrial goods (excl. petroleum products) with 8.3%.

In comparison to the previous month’s index, the largest price change was monitored in Petroleum products, which decreased by 5.5%.

Compared to January 2022, the largest price changes were monitored in Housing, Water, Electricity, Gas and Other Fuels, recording an increase of 17.3% and Food and Non-Alcoholic Beverages with 10.8%.

Comparing the CPI of the previous month, the largest change was in Clothing and Footwear, which dropped by 12.5%.

Compared to the Index of January 2022, Housing, Water, Electricity, Gas and Other Fuels, with 2.34 and Food and Non-Alcoholic Beverages, with 2.11, had the largest effect on the CPI.

The largest negative effect was Clothing and Footwear at -0.97 and Transport at -0.73.

Unemployed

Registered unemployed at District Labour Offices increased by 8.6% in January, compared to January 2022, reaching 16,758 persons, according to the Statistical Service.

Compared to January 2022, an increase of 1,328 or 8.6% was recorded, attributed mainly to the sectors of financial and insurance activities (+589), accommodation and food service activities (+583), transportation and storage (+143), human health and social work activities (+76), and information and communication (+67).

Based on the seasonally adjusted data that show the trend of unemployment, the number of registered unemployed increased to 14,121 from 14,068 in the previous month.