In the latest Consumer Price Index (CPI) data for November 2023, a modest increase of 0.21% was recorded, marking a slight uptick from October 2023. The dynamics of price changes revealed a nuanced pattern, with notable shifts in various sectors.

The price of food experienced a significant ascent, registering a 1.08% increase, while non-food items saw a decline of 0.52%. Transport costs decreased by 1.71%, and housing and utilities experienced a marginal dip of 0.1%.

Breaking down the details, food and non-alcoholic beverages witnessed a combined increase of 1.16%, while alcoholic beverages and betel nuts saw a minor uptick of 0.1%. On a year-on-year basis, the CPI surged by 4.60% in November 2023 compared to the same period last year.

Analyzing the twelve major divisions, all sectors, excluding transport and communication, saw a price hike. Transport costs decreased by 0.99%, and communication experienced a sharper decline of 2.86%. Food and non-alcoholic beverages recorded a 5.16% increase, and alcoholic beverages and betel nuts saw a more significant rise of 5.81%. Meanwhile, housing and utilities costs surged by 9.51%.

The report delves into the trends of household goods and services, revealing a 5.64% increase from 2021 to 2022. This indicates a decline of 1.71 percentage points compared to the previous year, attributed to a slower increase in food prices, which rose by 3.95% compared to a 9.38% hike in 2021.

Food prices continued to be a major driver of inflation, contributing approximately 34% to the overall rate in 2022, with non-food items constituting the remaining 66%. In contrast, 2021 witnessed food prices accounting for nearly 60% of the total inflation increase.

Among the twelve major divisions, food and alcoholic beverages played a substantial role, contributing over 33% to the total increase in 2022. Transport followed closely with about 33%, and clothing and footwear contributed around 13% to the overall rise.

In 2022, transport recorded the highest increase among the major groups, surging by 12.59%, while alcoholic beverages and betel nuts experienced the lowest increase at 1.16%. All other divisions observed an increase, with communication being the sole exception, registering a drop of 1.46%.