Annual inflation continues to drop in June

Annual inflation maintained its downward trend in June with the Retail Price Index (RPI) measuring 1.3%, down from 1.5% in May, the National Statistics Office said.

Annual inflation has been dropping since February 2023 but dipped below the 3% mark in February this year and below 2% in March.

The highest annual inflation rates in June 2024 were registered in Other Goods and Services (4.5%) and Personal Care and Health (4.1%), mainly on account of higher prices for cleaning products and personal hygiene items, respectively. Food inflation in June stood at 2.7% when compared to June last year but exhibited a decrease of 0.6% when compared to May.

The lowest annual inflation rates were registered in Transport and Communication (-1.9%) and Clothing and Footwear (-0.1%).

A breakdown of inflation in the Other Goods sector shows that jewellery, watches and other articles registered an annual rate of 1.1%, non-durable household goods registered an annual rate of 8.3%, veterinary services, including pet food, and domestic services registered an annual rate of 1.6% and insurances, financial services and other services registered an annual rate of 4.9%.