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Inflation inched up to 1.8% y-o-y in February 2024 from 1.6% the monthbefore, according to figures from the General Authority for Statistics (GASTAT) (pdf). That’s the second month that prices have risen after January’s reading interrupted a seven-month downward trend. You can dive deeper into GASTAT’s full report on February's average prices of goods and services here.
No surprises here — rent is to blame: Rent was up 10% y-o-y in February 2024, reflecting a 9.1% increase in the price of villas, while the price of housing, water, electricity, gas and other fuels spiked by 8.5%. Food and beverage prices rose 1.3% y-o-y last month on the back of a 7.6% increase in vegetable prices, while restaurant and hotel prices were up 2.5% y-o-y in February thanks to a 2.2% uptick in the cost of catering services. Culture and recreation prices were up 1.6% on the back of a 6.1% rise in package holiday prices. The cost of education rose 1.2% reflecting a 4.3% increase in the cost of secondary education.
You can get clothes, furniture and transportation for less: Clothing and footwear prices declined by 4% y-o-y last month— the sharpest decline amongst all items as garment prices plunged by 6.4%. This was followed by a 3% decline in the price of furnishing and household equipment, and a 0.9% drop in transport prices.
Consumer prices inched up 0.2% m-o-m in February 2024, reflecting the 1.2% m-o-m bump in housing, water, electricity and gas prices.
PRODUCER PRICES-
Producer prices rose 3.1% y-o-y in February driven by a 12% hike in refined petroleum products and a 10.8% increase in basic chemicals, GASTAT figures show. Food products, beverages, tobacco and textile prices were up 2% y-o-y reflecting a 9.2% increase in the price of leather goods compounded by a 2.9% increase in the prices of dairy products.
On a monthly basis, wholesale prices fell 1.2% m-o-m in February, driven by a 3.2% drop in the prices of other transportable goods on the back of a 21% decrease in the cost of basic chemicals.
