Inflation in the third quarter: Energy price increases and the effects of the drought

Oct 7, 2024 | Articole, English, Home Page

In the first month of the third quarter, the annual CPI inflation rate interrupted its downward trend, reaching 5.42%, 0.48% above the level of the previous month. This growth was largely influenced by the evolution of energy prices. In the case of fuels, the second stage of fuel excise tax increase was applied. At the same time, the average price of electricity rose as rates for high-consumption households returned to the capped level and distribution rates for natural gas were also raised. Another significant factor that contributed to the rise in inflation was the evolution of volatile food prices amid the drought that affected agricultural crops.
At the same time, the annual adjusted CORE2 core inflation rate continued to decline, reaching 5.5% (-0.2 percentage points from the previous month), although the pace of deceleration eased. This occurred in a context where the outlook for the agricultural harvest deteriorated and wage dynamics remained alert.

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