December saw a 1.6% decrease in inflation

The most recent data from the Statistical Service indicate a noticeable reduction in inflation, which is the subject of today's economic update.

The latest data indicates that the Consumer Price Index (CPI) declined in December, ending the month at 1.6%. This represents a substantial decline from the 7.9% reported in December 2022 and a little decline from 1.7% in November.

As the full year of 2023 is taken into consideration, the CPI increased by 3.5% overall as compared to the same time the year before

Taking a closer look at certain economic categories, one of the most notable changes, both in comparison to December 2022 and the previous month, was observed in petroleum products, with rates showing a decline of -7.2% and -5.3%, respectively.

When comparing December 2023 to the same month in the previous year, the most significant shift occurred in the category of restaurants and hotels, experiencing a rise of 5.4%.

On the other hand, as compared to November 2023, the transportation category saw the most shift, declining by -3.0%.

When the entire January–December 2023 period was zoomed out to compare it to the same period the previous year, significant changes were found in the following categories: housing, water, electricity, and gas (5.0%), restaurants and hotels (5.9%), and food and non-alcoholic beverages (7.7%).

These numbers offer an overview of the varied pricing adjustments that occurred in different industries and are affecting customers in different ways.