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Inflation reversed a two-month upward trend, dipping to 1.6% y-o-y in March 2024, down from 1.8% in February, according to the latest figures from the General Authority for Statistics (GASTAT) (pdf).On a monthly basis, consumer prices dipped 0.1% m-o-m last month, fueled by a 0.7% m-o-m decrease in utility prices. You can dive deeper into GASTAT’s full report on February's average prices of goods and services here.
What’s getting more expensive? Anything having to do with real estate, of course. Rent was up 10.5% y-o-y in March 2024, reflecting a 9.7% increase in the price of villas, even though prices in the furnishing and home equipment sector fell 3.2% y-o-y, mainly due to a 5.3% price decrease in furniture, carpet, and flooring prices. Utility and fuel prices rose 8.8% y-o-y.
Also more expensive: The price of food products, beverages, tobacco, and textiles were up 2.4% y-o-y last month, reflecting a 10% increase in the price of leather goods as well as by a 4.9% increase in the prices of grain mill products, starches, and other food products, according to GASTAT’s latest Wholesale Price Index (pdf). Education was also up 1.2% y-o-y fueled by a 4.3% increase in the cost of secondary education. Additionally, food and beverages inched up 0.9% y-o-y, and culture and recreation prices were up 0.7% on the back of a 5.1% rise in package holiday prices.
Clothing and footwear lead the list of goods that were less costly, falling 4% y-o-y driven by a 6.6% decrease in ready-made clothing prices. It’s the second month in a row that clothing and footwear prices have fallen.
Producer prices rose 3.8% y-o-y in March, driven by a 25.2% increase in basic chemicals’ prices, and a 12% hike in refined petroleum products and a 25.2%, according to the latest GASTAT figures (pdf). On a monthly basis, wholesale prices inched up 0.4% m-o-m in March.
Real estate prices inched up 0.6% y-o-y in 1Q 2024, fueled by a 1.2% y-o-y increase in the prices of residential properties, GASTAT figures show (pdf). Meanwhile, the prices of commercial properties dipped 0.5% y-o-y, and that of agricultural properties remained basically unchanged, dipping 0.1%.
