The National Statistics Office has released its latest inflation data, revealing that the annual inflation rate has accelerated to 27% in November. This marks a significant increase from the 25% rate recorded in October, and meets expectations set by economists earlier this month.
The main drivers of the increase in inflation were rising food and energy prices, which continued to put pressure on household budgets. Food prices rose by 30% year-on-year, driven by increases in the cost of meat, dairy products, and vegetables. Energy prices, including electricity and gas, rose by 25% year-on-year, driven by higher global oil prices.
The inflation rate has been steadily increasing over the past year, driven by a combination of factors including supply chain disruptions, labor shortages, and rising global commodity prices. The National Statistics Office noted that the inflation rate has exceeded the central bank’s target range of 2-4% for the past six months, highlighting the need for policymakers to take action to stabilize prices.
The rising inflation rate is likely to have significant implications for households and businesses, as it erodes purchasing power and increases the cost of living. It may also lead to higher interest rates, as policymakers attempt to curb inflationary pressures and maintain economic stability.
Economists have warned that the rising inflation rate could have negative implications for economic growth, as higher prices reduce consumer spending and investment. However, some have also noted that the increase in inflation may be a sign of a strengthening economy, as demand for goods and services increases.
The National Statistics Office will continue to monitor the inflation rate closely, and is expected to release its next set of data in January. Policymakers will be watching closely, as they consider their next moves to stabilize prices and maintain economic growth.
