Monday 03 August 2020

Inflation rises to 0.4%, driven up by higher petrol prices

Photo: Depositphotos.com

The rate of inflation reached 0.4% in October, its highest level in six months, the national statistics office CBS said on Thursday.

In September, the CBS put inflation at just 0.1%. The sharp rise is due to the rise in petrol and diesel prices, which have reached a year high, the CBS said.

The rate of inflation excluding energy, alcohol and tobacco – which fluctuate strongly – would have been 0.6%.

Calculated in line with European guidelines, inflation would have risen from -0.1% in September to 0.3% in October, which is below the EU average of 0.5%.

The European central bank uses the harmonised method – which does not take the cost of home ownership into account – to determine its monetary policy.

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