Food inflation hit 12% last year, energy prices fell 37%

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The price of food rose 12.1% last year, adding to the 11% rise recorded in 2022, national statistics agency CBS said on Thursday.

The price of sugar rose the most – 35% – while olive oil was 21% more expensive and bread 15%, the CBS said.

The annual inflation rate was 3.8% last year, compared with 10% in 2022.  This was largely due to the 37% drop in energy prices and a change in the way their impact is measured.

Excluding the impact of fuel, the rate was 6.5%, the CBS said in an update on its 2023 inflation figures.

In particular, the price of going out for dinner or for a drink in a bar rose by an average of 8.8% last year and this also contributed to the increase in the annual rate of inflation, the CBS said.

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