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Inflation accelerated slightly in August to 1.6% y-o-y, compared to 1.5% in July, according to data released yesterday by the General Authority for Statistics (Gastat) (pdf). On a monthly basis, consumer prices rose 0.1% m-o-m, on the back of a 0.4% rise in housing, water, electricity, gas, and other fuels, a 0.5% increase in actual housing and rents, and a 0.4% hike to food and beverages.
IN CONTEXT- Inflation held steady at 1.6% for three consecutive months from March through May of this year but declined to 1.5% in June and July.
Tough luck, renters: House rental prices — the heaviest weighted component in the consumer basket — rose 10.7% y-o-y in August, fueled by a 10.8% spike in apartment rents. Food and beverages edged up 0.9%, thanks to a 4.6% jump in vegetable prices.
Dining out also got a bit more expensive, with restaurants and hotel prices up 1.6%, driven by pricier catering services. Education costs followed suit, rising 1.6% y-o-y, on the back of a 3.8% boost to intermediate and secondary education costs.
Meanwhile, healthcare costs dipped 1.1% y-o-y during the month, while furnishing and household equipment dipped 3.5%, clothing and footwear fell 3.2%, and transport prices dropped 3.4% y-o-y.
August saw producer prices creep up to 3.2% y-o-y, on the back of an 8.1% rise in transportable goods, according to Gastat’s wholesale price index (pdf). Also contributing to the hike were upticks in basic chemicals (13.9%) and refined petroleum products (12%). Meanwhile, August wholesale prices were up 0.2% m-o-m.
