The rate of inflation, as a percentage of the national Consumer Price Index (CPI), increased by 7% on all food items in January 2023.<\/p>\n
According to the National Bureau of Statistics, prices for all food groups went up by 7.82%, which is indicative of a 75% jump this year compared to the overall rate of inflation of food groups last year, which stood at just 1.9%.<\/p>\n
Apart from food, prices on all consumer items increased by 0.96% in January 2023 compared to December last year; marking the most significant month-on-month inflation bump.<\/p>\n
On the other hand, the year-on-year change of the inflation saw a 3.99% increment, which is the highest it has been in the last four years. The largest price jump was observed in cafes and restaurants with a 4.3% increment from December 2022 to January this year.<\/p>\n
Moreover, the price jump on all consumer items reflected the hike in the General Goods and Services Tax (GGST) to 8% from 6%; which became effective on 01st January 2023.<\/p>\n
Meanwhile, according to World Bank, the rate of inflation on all food groups in South Asia is currently beyond 23% with further hike expected this year.<\/p>\n","protected":false},"excerpt":{"rendered":"
The rate of inflation, as a percentage of the national Consumer Price Index (CPI), increased by 7% on all food items in January 2023. According to the National Bureau of Statistics, prices for all food groups went up by 7.82%, which is indicative of a 75% jump this year compared to the overall rate of<\/p>\n","protected":false},"author":4,"featured_media":5378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423,2428],"tags":[389,697,1017],"class_list":{"0":"post-5377","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-public-sector","9":"tag-consumer-price-index","10":"tag-food-and-beverages","11":"tag-inflation-rate"},"yoast_head":"\n