On average, prices as measured by the consumer price index (CPI) increased by 3.78 percent in the first 10 months of 2024 compared to the same period in 2023. Major inflation, which excludes volatile food and energy prices, increased by 2.69 percent over the same period.
The General Statistics Office has recently reported that CPI for October 2024 rose by 0.33 percent in comparison to the preceding month. When evaluated against December 2023, the CPI for October reflects an increase of 2.52 percent, and when compared to the same month in the previous year, it has risen by 2.89 percent. On average, during the first ten months of 2024, the CPI has experienced a growth of 3.78 percent relative to the same timeframe last year, while core inflation has increased by 2.69 percent.
The General Statistics Office reported that the gold price index, which is not included in the goods used for calculating CPI, rose by 5.96 percent in October 2024 compared to the previous month. It also saw an increase of 29.97 percent relative to December 2023 and a significant rise of 38.88 percent compared to the same period last year. On average, during the first ten months of 2024, the gold price index experienced a growth of 27.48 percent.
In addition, the US dollar price index in October 2024 increased by 0.7 percent from the previous month, 2.41 percent from December 2023, and 1.89 percent compared to the same period last year, with an average increase of 5.1 percent over the first ten months of 2024.
The national statistics agency also estimated that the industrial production index (IIP) for October 2024 rose rise by 4 percent from the previous month and by 7 percent compared to the same period last year. For the first ten months of 2024, the IIP was projected to increase by 8.3 percent compared to the same timeframe in the previous year, which had a modest increase of 0.5 percent.
Notably, the processing and manufacturing sector grew by 9.6 percent, contributing 8.3 percentage points to the overall increase. The electricity production and distribution sector saw a rise of 10.3 percent, contributing 0.9 percentage points, while the water supply, waste, and wastewater management sector increased by 9.5 percent, contributing 0.2 percentage points. Conversely, the mining sector experienced a decline of 7.2 percent, resulting in a decrease of 1.1 percentage points.
