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In June 2023, the annual rate of inflation as measured by the RPI was 5.4 per cent, down from 5.7 per cent in May 2023.

 Price changes and effects on inflation

The highest annual inflation rates in June 2023 were registered in Food (10.1 per cent) and Housing (9.4 per cent). On the other hand, the lowest annual inflation rates were registered in Clothing and Footwear (-1.4 per cent) and Water, electricity, gas and fuels (0.0 per cent) (Table 1).

Chart 3 depicts the impact on the annual inflation rate by the 10 main groups. An impact is a measure showing the change in inflation as a result of the inclusion of an index. Such an impact takes into account both the weight and the annual rate of inflation by group.

In June 2023, the largest upward impact on annual inflation was registered in the Food Index (+2.17 percentage points), largely due to higher prices of dairy products. The second and third largest impacts were measured in the Housing Index (+0.74 percentage points) and the Other goods and services Index (+0.56 percentage points), mainly on account of higher prices of house maintenance services and insurances, respectively (Chart 3).

A downward impact on annual inflation was registered in the Clothing and footwear Index (-0.09 percentage points), mainly due to lower prices of garments (Chart 3).

Aggregates

In June, the Food Index registered the highest annual inflation rate at 10.1 per cent (Table 1), of which Food excluding restaurant services and take-aways registered an annual rate of 11.6 per cent and Restaurant services and take-aways registered an annual rate of 6.2 per cent (Table 3).

The Clothing and footwear Index registered the lowest annual inflation rate of -1.4 per cent (Table 1), of which Clothing registered an annual rate of -1.4 per cent and Footwear registered an annual rate of -1.3 per cent (Table 3).

ARTICLE WRITTEN BY NSO

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