August Inflation Report: Price Pressures Remain Stubborn as Gas Pushes Up Inflation Rate

6.83% Inflation Print for August, 61 Basis Points Lower Than Previous Month

The Ministry of Statistics and Programme Implementation has released the latest Consumer Price Index (CPI) inflation data for August 2023. According to the report, the year-on-year inflation rate stands at 6.83%, which is 61 basis points lower than the previous month. Despite the slight decline, price pressures remain stubborn, with gas prices continuing to push up the inflation rate.

CPI as a Macroeconomic Inflation Indicator

CPI is a widely used macroeconomic indicator of inflation, providing governments and central banks with insights into price trends. It measures the average change over time in the prices paid by urban consumers for a basket of essential goods and services.

The next release date for CPI data is 12th September 2023.