APRIL 2023 CPI Report: Unrelenting Inflationary Trend
Yesterday, the NBS released the inflation report for April 2023. Headline Inflation continued its uptrend, as it inched higher by 18bps to settle at 22.22% YoY (vs. 22.04% in March 2023). The Headline Inflation figure for April 2023 is the highest YoY increase since the index rebase in 2009, with the largest contributions from Food and Non-alcoholic Beverages, Housing Water, Electricity and Fuel, and Clothing and Footwear. For context, Food Inflation rose by 18bps to 24.61% YoY (vs. 24.45% YoY in March 2023) while Core Inflation soared 28bps to 20.14% (vs. 19.86% in March 2023). On a Month-on-Month basis, Headline Inflation ticked 5bps higher to 1.91% (vs. 1.86% in March 2023), the highest rate increase since May 2016.
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