Annual inflation rate advances to 5.33 pct

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The annual inflation rate increased to 5.33 pct this September from 3.88 pct in August, shows data released on Wednesday by the National Statistics Institute (INS).

 Prices in September were by 1.18 pct higher compared to August, as a result of the food prices advancing 2.27 pct and non-food prices inching up 0.62 pct. Service prices also gained 0.41 pct in September.

The monthly inflation rate over Jan – Sep 2012 was 0.4 pct compared to 0.2 pct in the same period last year.

The average global price increase in the past 12 months (October 2011 – September 2012) from the previous 12 months (October 2010 – September 2011) computed on the basis of the consumer price index is 3 pct, and the increase determined on the basis of the harmonized index of consumer prices is 3.1 pct.

The National Bank cautioned this September that recent assessments reveal a worsening of the short-term inflation outlook, especially regarding volatile prices, as a result of the materialisation of the risks highlighted in the latest forecast of the central bank, particularly of those regarding the evolution of domestic and international food prices.

This year’s inflation target is 3.2 pct.

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