July 1.5% inflation lowest in 28 months

Inflation continued to slow in July, rising to 1.5%, the lowest rate since March 2021.

July 2023 Consumer Prices Index rose 0.92 points to 115.30 points from 114.38 units in June, according to the Statistical Service.

For the seven months January-July 2023, the CPI increased by 4.2% compared to the same period last year.

As regards the economic origin, the largest positive change when compared to the index of July 2022 was recorded in Agricultural goods (12.9%).

In contrast, the largest negative change was recorded in Petroleum products (-20.3%).

In comparison to the index of the previous month, the largest change was monitored in Electricity (13.5%).

Compared to July 2022, the largest positive change was monitored in Food and Non-Alcoholic Beverages (9.9%), whereas the largest negative change was in Transport (-9.2%).

In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear, with a decrease of 10.8%.

For the seven months of January–July 2023, compared to the same period last year, the largest changes were recorded in Food and Non-Alcoholic Beverages (8.9%) and Housing, Water, Electricity, Gas and Other Fuels (7.8%).

Compared to the Index of July 2022, the category Food and Non-Alcoholic Beverages (2.06) had the largest positive effect on the change of the CPI, while Transport (-1.83) had the largest negative effect.

The largest positive effect on the change of the CPI compared to the previous month was recorded in Transport (0.73) and Housing, Water, Electricity, Gas and Other Fuels (0.72).

Clothing and Footwear (-0.84) had the largest negative effect.

Petroleum products had the most notable effect on the change of the CPI of July compared to last year, with -2.60.

Electricity (0.71) had the largest positive effect on the change of the CPI in July compared to the previous month.