Inflation eases in January – but fuel prices remain staggeringly high
The headline consumer price index (CPI) declined by 0.2 percentage points to 5.7% in January 2022, down from 5.9% in December.
The main contributors to the 5.7% annual inflation rate were food and non-alcoholic beverages; housing and utilities; transport; and miscellaneous goods and services.
Food and non-alcoholic beverages increased by 5.7% year-on-year, and contributed 1.0 percentage point to the total CPI annual rate of 5.7%.
Housing and utilities increased by 4.3% year-on-year, and contributed 1.1 percentage points.
Transport continued to be the biggest driver of inflation, with the category increasing by 14.5% year-on-year, and contributing 1.9 percentage points. Fuel inflation in particular is up 32.2% compared to last year.
Miscellaneous goods and services increased by 4.6% year-on-year, and contributed 0.7 of a percentage point.
In January the annual inflation rate for goods was 8.1%, down from 8.5% in December; and for services, it was 3.4%, up from 3.3% in December.
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