According to the Department of Census and Statistics, the overall rate of inflation as determined by the National Consumer Price Index (NCPI) on a year-over-year basis decreased from 2.1% in August 2023 to 0.8% in September 2023.
In the meantime, food inflation rose from -5.4% in August 2023 to -5.2% in September 2023.
The Director General of Census and Statistics announced the release of the NCPI for the month of September 2023 and stated that the headline inflation rate, as determined by the Year-on-Year change (the percentage change in the current month’s NCPI over the same month last year) based on the NCPI, has been calculated as 0.8%.
2.1% was the reported headline inflation rate for the month of August 2023.
2.1% was the reported headline inflation rate for the month of August 2023.
According to the research, the food group and non-food group will each contribute 2.4% and 3.2% of the inflation rate in September 2023, respectively.
Year-on-year inflation for the food category climbed to -5.2% in September 2023 from -5.4% in August 2023, while it declined to 5.9% in September 2023 from 9.0% in August 2023 for the non-food group.
In September 2023, the NCPI (Base 2021=100) grew to 203.5 from the 201.9 reported in August 2023, according to comparisons of month-over-month trends. In comparison to August 2023, this indicates a gain of 1.6 index points, or 0.8 percent.
A rise of 0.41% in food items and a rise of 0.36% in non-food products each month helped to explain the trend.
In the meantime, core inflation—which reflects underlying inflation by excluding volatile items from the food, energy, and transportation sectors of the economy—declined to 1.7% in September 2023 from 4.1% in August 2023, as reported by the Year-on-Year change based on NCPI (Base 2021=100).
