The CPI for March 2024 is 109.37, representing a 0.7% increase compared to the February 2024 index (108.57). The change in the CPI for the last twelve months (March 2023 to March 2024) is 1.8%, a decrease of 4.1 percentage points (ppt) compared to the corresponding period last year (5.9%).
The annual average (last 24 months) of the inflation rate for the periods from March 2021 to March 2022 and March 2023 to March 2024 is 2.1%, a decrease of 4.1 ppt compared to the 6.2% recorded in the periods from March 2020 to March 2021 and March 2022 to March 2023.
During this month, eight out of the twelve sectors saw price increases. The increases that had the greatest effect on the CPI were recorded in the “Transportation” (1.8%), “Recreation and Culture” (2.3%), and “Clothing and Footwear” (7.3%) sectors, causing effects of 0.23, 0.21, and 0.17 ppt, respectively. Increases in the remaining sectors contributed to a 0.19 ppt on the March 2024 CPI. These increases were partially offset by mainly a decrease in the index of the “Health” sector (-2.0%), contributing to an effect of -0.04 ppt on the March 2024 CPI.
Decreases in the remaining sectors contributed insignificantly to the March 2024 CPI. The increase in the “Transportation” sector was mainly caused by a 2.4% increase in the “Personal Transportation Vehicle-Related Expenses” category, causing an effect of 0.20 ppt.
The increase in the “Recreation and Culture” sector was mainly caused by an increase in the “Vacation” category (5.7%), causing an effect of 0.14 ppt. The increase in the “Clothing and Footwear” sector was mainly caused by an 8.9% increase in the “Clothing” category, causing an effect of 0.16 ppt. The decrease in the “Health” sector was mainly caused by a decrease in the “Medical Products, Appliances, and Equipment” category (-3.9%), causing an effect of -0.06 ppt.
Consumer Basket
The CPI consumer basket consists of 408 goods and services. Compared to February 2024, 47.8% of these goods and services experienced a price increase, causing an effect of 1.16 ppt, while 34.3% showed a price decrease, contributing to a -0.42 ppt, and for the remaining 17.9%, there was no price change.
Prices of goods (0.7%) and services (0.8%) increased, causing effects of 0.39 and 0.34 ppt, respectively, on the March 2024 CPI.
