Food and drink prices skyrocket in March 2023 due to inflation

According to the recent Harmonised Index of Consumer Prices for March 2023, as reported by the National Statistics Office, the annual rate of inflation was 7.1% – increase from February’s 7.0%.

With a 12 month moving average rate for March standing at 6.8%, the largest upward impact on annual inflation was measured in the Food and non-alcoholic beverages index (with 2.30 more percentage points).

The inflation in the Food and Non-Alcoholic index was 12.9%, followed by Housing, Water, Electricity, Gas and Other Fuels at 9.5%.

On the other hand, the lowest annual inflation rates were registered in Communication (1.3%) and Transport (2.7%).

The increase in the Food and Non-Alcoholic Beverages Index was mainly due to the higher prices of meat. The second and third largest impacts were measured in the Restaurants and Hotels Index (+0.98%) and the Housing, Water, Electricity, Gas and Other Fuels Index (+0.96 points).

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