March sees lowest annual inflation growth of past 13 months

March inflation recorded the lowest annual growth rate of the last 13 months, rising 5.8%, mainly due to increased electricity prices, according to data released by CyStat.

The Consumer Price Index (CPI) and thus inflation increased in March 2023 by 1.15 units to 114.03 units, compared with 112.88 in February 2023, showing an increase of 1.02%. In March 2023, inflation increased by 5.8%.

For the period January-March 2023, the CPI increased by 6.5% compared to the corresponding period of the previous year.

As regards the economic origin, the largest change when compared to the index of March 2022 was recorded in Electricity (34.4%). In comparison to the index of the previous month, the largest change was monitored in Agricultural goods (-3.7%).

Compared to March 2022, the largest changes were monitored in the categories Housing, Water, Electricity, Gas and Other Fuels (15.0%) and Restaurants and Hotels (8.4%).

In comparison to the CPI of the previous month, the largest change was noted in Clothing and Footwear (9.2%).

For the period January–March 2023, compared to the corresponding period of the previous year, the largest changes were recorded in Housing, Water, Electricity, Gas and Other Fuels (16.8%) and Food and Non-Alcoholic Beverages (9.1%).

Compared to the Index of March 2022, the categories Housing, Water, Electricity, Gas and Other Fuels (2.08%) and Food and Non-Alcoholic Beverages (1.48%) had the largest effect on the change of the CPI.

The category Clothing and Footwear (0.64%) had the largest positive effect on the change of the CPI compared to the previous month.

Electricity (1.48%) had the most notable effect on the change of the CPI of March 2023 compared to March 2022.

Finally, Clothing (0.43%) had the largest positive effect on the change of the CPI of March 2023 compared to the previous month.