Consumer prices rose by 2.1% year on year in January. This is up from 1.8% growth in January but below market expectations of 2.3% growth.
Food prices rose by 6.2% year on year and contributed and accounted for 1.1% of the 2.1% increase in consumer prices.
Pork prices remain a volatile influence on CPI, with prices down 10.8% compared to December but still up 11.8% compared to January 2022.
Fruit and vegetable prices also continued to rise. Fruit prices were up 9.2% month on month and 13.1% year on year, while vegetable prices rose 19.6% month on month, and 6.7% year on year.
The food, tobacco, and alcohol category also continue to drive consumer inflation, with the category seeing the largest monthly and yearly increases compared to other categories such as transportation, housing, healthcare, or education.
