Consumer Inflation in the Country Rises to 5.69% in December

The rate at which consumer prices are increasing, known as consumer inflation, reached 5.69 per cent in December, ascending from 5.55 per cent in the preceding month. This figure is slightly lower than the 5.72 per cent rate recorded in the same month the previous year and illustrates a rising trend in the cost of living for the average consumer.

December’s Consumer Price Index Analysis

The Consumer Price Index (CPI), a measure of retail inflation, indicates that consumers are paying more for goods and services compared to the prior month. The Ministry of Statistics & Programme Implementation provided these metrics, highlighting the progressive increase in inflationary pressures in the marketplace.

Impact on Food Prices

A significant area of concern is food inflation, which reached 9.53 per cent in December 2023, showcasing a noticeable hike from 8.7 per cent in November of the same year. When compared to the previous year, the increase is even more drastic, with December 2022 having recorded a food inflation rate of 4.19 per cent.

Global Comparisons

While domestic inflation rates are rising, similar trends are observable in the international arena. For example, the United States recorded an increase in consumer prices during the last month of the previous year, influenced largely by a surge in rents. The month-over-month rise was 0.3 per cent, accumulating to an annual increase of 3.4 per cent, according to reports from Reuters. This rate surpasses economist forecasts.

This story is subject to updates as new information emerges.

inflation, consumer, economy