Inflation, as measured by the change in the National Consumer Price Index (NCPI), which is compiled by the Department of Census and Statistics (DCS), increased to 8.8 per cent in October 2017 from 8.6 per cent in September 2017, on year-on-year basis, the Central Bank said in a news release yesterday.
The change in the NCPI measured on an annual average basis increased from 6.8 per cent in September 2017 to 7.1 per cent in October 2017.
When the monthly change is considered, the NCPI increased from 123.3 index points in September 2017 to 124.8 index points in October 2017.
This monthly increase was mainly due to the increase in prices of the items in the Food category which was led by adverse supply side developments.
Price increase of coconuts, vegetables and rice were prominent. Nevertheless, prices of fresh fish and eggs declined.
Meanwhile, the impact of LP Gas price revisions introduced in September 2017 was also observable. Furthermore, Restaurants and Hotels sub-category too recorded a price increase during the month.
The NCPI Core inflation, which reflects the underlying inflation in the economy, continued to follow the declining trend exhibited since the early months of the year. As such, the NCPI Core inflation decreased to 4.1 per cent in October 2017 from 4.6 per cent in September 2017 on year-on-year basis.
Annual average NCPI Core inflation declined from 5.7 per cent in September 2017to 5.6 per cent in October 2017.
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