National Statistics Agency Reports Rise in Inflation to 3.2% Amidst Fuel Price Cap Termination

In January, the inflation rate increased to 3.2%, as reported by the national statistics agency in a preliminary assessment using partial data. This surge in inflation marks a significant jump from the preceding month, when the rate stood at 1.2%.

Inflation Dynamics

When taking out the volatility of fuel prices from the equation, January's inflation on other goods and services was slightly higher, at 3.5%, inching up from 3.4% in December. This differentiation indicates that fuel costs, independent of other factors, have been a major contributor to the overall inflation landscape.

Energy Prices Influence

The influence of high energy costs on inflation has diminished in January due to the expiration of the fuel price ceiling that was imposed at the start of 2023. This policy had temporarily shielded consumers from soaring energy costs but has since been lifted.

inflation, energy, fuel