STATEC has reported that annual inflation for the month of September was found at 0.5%, whilst the core inflation rate continued on its upward trend to reach 1.8%.

The general index retreated 0.2% in a month, mainly due to oil prices which saw a downwards shift for the fourth consecutive month. Prices for petrol at the pump were down 6.9% for gasoline and 1.9% for diesel as compared to August, with mazout becoming 4.0% cheaper compared to August. Oil product prices were found 16.4% lower than in September 2014.

On the other hand, the prices of other goods and services stood at a general standstill in September at +0.02%, concealing the opposing price movements constituting this stability.

Package holiday prices declined sharply in conjunction with the end of the summer holidays by 4.7%, as did certain food products such as fresh fruit (-1.7%); pork (-4.2%); and fish and dried, smoked or salted seafood (-4.5%). An annual comparison showed a 1.5% increase in food product prices for the month of September.

By contrast, prices in private education rose significantly, ny 2.1%, from August to September 2015, due to the new academic year, as did prices for air transport (+10.3%); fresh vegetables (+2.8%); insurance connected with transport (+0.8%); and meals in restaurants or canteens, at +0.2% and +1.2% respectively.

The new postal services rates saw an average price increase of 19.0%, which in turn was balanced out overall due to its low representation in the consumer price index of only 0.03%.

The underlying inflation rate continued on its upward trajectory which began earlier this year and reached +1.8% in September, whilst annual inflation rate remained low from 0.6% in August to 0.5% in September.

 

Graph by STATEC