In the latest macroeconomic update for October 2023, the headline inflation rate demonstrated a significant upward trajectory, surging to 27.33%.
This marked a distinct increase of 0.61% points compared to the preceding month, September 2023, when the rate stood at 26.72%. This monthly movement highlights a tangible acceleration in inflationary pressures. Delving into a year-on-year perspective, the headline inflation rate for October 2023 revealed a substantial 6.24% point elevation in contrast to the same month in 2022, where it was recorded at 21.09%. This notable year-over-year increase underscores the persistence of inflationary trends, offering crucial insights into the evolving economic landscape.
Nevertheless, when scrutinizing the month-on-month dynamics, the headline inflation rate for October 2023 registered at 1.73%. This figure reflects a 0.37% decrease compared to the rate observed in September 2023, which was 2.10%. Essentially, this signifies that in October 2023, the pace of the average price level’s ascent was less pronounced than the rate observed in September 2023. In other words, while inflation persisted, the rate of its acceleration moderated in October 2023 compared to the preceding month. This nuanced analysis provides a deeper understanding of the short-term inflationary fluctuations within the economic landscape.
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Urban Inflation
On a year-on-year basis, in October 2023, the Urban inflation rate was 29.29%, this was 7.66% points higher compared to the 21.63% recorded in October 2022. On a month-on-month basis, the Urban inflation rate was 1.81% in October 2023, this was 0.43% points lower compared to September 2023 (2.24%). The corresponding twelve-month average for the Urban inflation rate was 24.76% in October 2023. This was 6.38% points higher compared to the 18.38% reported in October 2022.
Rural Inflation
The Rural inflation rate in October 2023 was 25.58% on a year-on-year basis; this was 5.01% higher compared to the 20.57% recorded in October 2022. On a month-on-month basis, the Rural inflation rate in October 2023 was 1.67%, declined by 0.29% points compared to September 2023 (1.96%). The corresponding twelve-month average for the Rural inflation rate in October 2023 was 22.23%. This was 4.85% higher compared to the 17.38% recorded in October 2022.
