Inflation declines to 53.2% in January

The nationwide inflation in January 2023 determined under the National Consumer Price Index (NCPI) declined to 53.2% from 59.2% recorded in December 2022 on a year-on-year basis.

The Department of Census and Statistics said the NCPI for all items for the month of January 2023 is 201.8. An increase of 1.4 index points or 0.69% compared to December 2022 for which the index was 200.4.

In January 2023, the Year-on-Year inflation of the food group was 53.6% and the Year-on-Year inflation of the non-food group was 52.9%. With respect to January 2022, the reported inflation was mainly due to the higher price levels that prevailed in both food and non-food groups.

Contributions to the inflation rate of January 2023 from food group and non-food group are 24.18% and 29.04% respectively.