This comes after the country posted a 3.3 percent inflation rate in August, bringing the national average for the first nine months of the year to 3.4 percent. In September 2023, inflation stood at 6.1 percent.
Food, transport costs
The downward trend in inflation is primarily driven by lower prices in key commodity groups. Food and non-alcoholic beverages saw a sharp deceleration, with inflation slowing to 1.4 percent in September, down from 3.9 percent in August. Transport costs also registered a faster year-on-year decline, with a 2.4 percent drop compared to the 0.2 percent decrease in the previous month.
Housing, water, electricity, gas, and other fuels saw a more modest slowdown, with inflation easing to 3.2 percent from 3.8 percent in August.
Other commodity groups that contributed to the lower inflation rate included alcoholic beverages and tobacco, clothing and footwear, and education services. Meanwhile, indices for health and financial services remained unchanged from the previous month.
Key contributors to inflation
Housing, water, electricity, gas, and other fuels made up the largest portion of inflation contributors at 34.9 percent, followed by food and non-alcoholic beverages at 27 percent, and restaurants and accommodation services at 20.1 percent.
Core inflation, which excludes volatile food and energy items, also slowed down to 2.4 percent in September 2024 from 2.6 percent in August, further reflecting the easing inflationary pressures on the economy.
