The Consumer Price Index (CPI) report for August 2023, released by the Statistics Agency on September 1, reveals key insights into the price dynamics within the consumer sector.
Monthly price changes in August 2023
According to the Statistics Agency's data, the average increase in goods and services prices within the consumer sector for August 2023 was 0.5%. This indicates a moderate but consistent rise in the cost of living for consumers during the month.
In July 2023, the Consumer Price Index revealed distinct variations in price changes across different categories:
Food products: Prices of food products increased by an average of 0.6% in July. This suggests a slight uptick in the cost of essential groceries, possibly influenced by factors such as supply chain disruptions or seasonal fluctuations.
Non-food goods: Non-food goods saw a more modest increase, with prices rising by an average of 0.4%. This category includes various items like electronics, clothing, and household goods.
Paid services to the population: The prices of paid services to the population experienced the most significant increase, with a month-on-month average rise of 0.7%. This may include services such as healthcare, transportation, and entertainment.
Annual growth rate
The annual growth rate of prices in the consumer sector stood at 9.0% in August 2023. This indicates a notable increase in the overall cost of living when compared to the same period the previous year. Factors contributing to this annual rise could include inflationary pressures, economic conditions, and external influences.
Since the beginning of the year, the price index in the consumer sector has grown by an average of 3.8%. This year-to-date figure reflects the cumulative effect of monthly price changes and underscores the ongoing challenges faced by consumers in managing their expenses.
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