Annual consumer inflation rose for the first time in four months, edging to 7,0% in February from 6,9% in January. Food and non-alcoholic beverages and transport were the main contributors to the inflation rate in February.

The consumer price index (CPI) rose by 0,7% between January and February, representing the largest monthly increase since July 2022 (1,5%).

Bread & cereals continue to push food inflation higher

Prices for food and non-alcoholic beverages increased by 13,6% over the past 12 months, up from 13,4% recorded in January. The reading in February is the highest since April 2009 when it was also 13,6%. Annual inflation for bread & cereals was 20,5%, slightly lower than January’s 21,8%. Maize meal, an important staple, continues to see high rates of inflation. Its price index increased by 2,2% between January and February, taking the annual rate to 34,7%. Notable monthly price increases were also recorded for rusks (up 6,8%), macaroni (up 4,4%) and savoury biscuits (up 4,0%).

Meat inflation continues to accelerate, reaching 11,4% in February from 11,2% in January. This is the highest annual increase for meat since February 2018 (also 11,4%). The monthly rate, however, dropped to 0,2% from 2,6% in January. This was the lowest monthly increase for meat since February 2022 when there was no change.

Prices for milk, eggs and cheese increased by 12,3% in the twelve months to February, up from 10,9% in January. Notable annual increases were recorded for cheddar cheese (up 15,2%), feta cheese (up 14,9%), custard (up 14,9%), fresh low-fat milk (up 14,7%) and long-life full cream milk (up 14,3%).

Annual inflation for the oils and fats category slowed for a sixth consecutive month, edging lower to 16,7%, the lowest reading since April 2021 (also 16,7%).

The category ‘other food’ saw its annual inflation rate climb from 7,7% in June 2022 to 15,0% in February 2023. The monthly rate in February was 2,3%. Products in this category recording high monthly price increases include baby milk formula (up 7,2%), baby cereal (up 4,6%), baking powder (up 2,8%) and tomato sauce (up 2,5%).

Cold beverages registered an annual price increase of 8,5% with a monthly rise of 2,7%. Monthly increases were recorded for fruit juices (up 4,0%), fizzy drinks in a can (3,3%) and fizzy drinks in a bottle (up 3,1%).

Medical services (doctors, dentists and hospital ward fees) are surveyed once a year in February. Prices increased by 5,3% in February 2023 compared with the 5,0% rise recorded in February 2022. The index for health insurance increased by 4,4% between January and February as a number of companies implemented annual premium increases.

Fuel prices increased by a relatively modest 0,9% between January and February. The annual rate slowed to 10,9% ‒ the lowest reading since March 2021 (2,4%).

The charts below show the products that recorded the largest percentage price increases in February.

For more information, download the February 2023 CPI statistical release here.

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