Following a three-month upswing, headline consumer inflation cooled to 5,5% in November from 5,9% in October.

The monthly change in the consumer price index (CPI) was -0,1%. The decline was mainly driven by a monthly decrease of 5,5% in the fuel price index, which drove the annual rate for fuel lower to 1,8% in November from 11,2% in October. This, in turn, led to a reduction in the annual rate for transport, which decreased to 4,3% from 7,4%.

Inflation for food & non-alcoholic beverages at a four-month high

Annual inflation for food & non-alcoholic beverages accelerated to a four-month high of 9,0%. Meat inflation crept up to 3,5% from 3,4% in October. The outbreak of avian flu continued to disrupt the poultry market. The annual rate for IQF (individual quick frozen) chicken was 7,3% in November, up from 5,5% in October. Non-IQF frozen chicken recorded an annual rate of 9,1% in November. Egg prices continued to boil, heating by a monthly 10,6%. This pushed the annual rate for eggs higher to 39,9% from 24,4% in October.

Fruit products recorded an annual increase of 11,5% in November, the highest reading since December 2020 when the rate was 11,8%.

The annual print for sugar, sweets & desserts was 18,5%, up from October’s 17,6%. In the 12 months to November, prices for white sugar increased by 21,4%, brown sugar by 23,7% and chocolate slabs by 11,8%.

Annual inflation for bread & cereals declined for a seventh consecutive month, edging lower to 8,5% from 8,8% in October. Vegetable inflation eased too, cooling slightly to 23,5% from 23,6% in October. Onion prices declined for a fifth straight month, decreasing by 6,1% in November compared with October. Consequently, the annual rate for onions cooled to 2,5%. This reading is much lower than the eye-watering peak of 64,5% recorded in June this year.

The price index for hot beverages rose by 11,4% in the 12 months to November. Apart from August 2023, the annual inflation rate for instant coffee has occupied double-digit territory since March 2022.

Other notable price changes in November

Household maintenance services, which include rates for plumbers and electricians, are surveyed in May and November each year. This category registered an annual rate of 7,4% in November, the highest rate since the current CPI series began in 2008.

Pharmaceutical products recorded an annual price increase of 7,5%. Non-prescription medicine products that registered high inflation rates include vitamin and mineral supplements (up 13,2%), heartburn medication (up 12,6%), pain killers (up 12,3%) and cough syrup (up 10,3%).

The graphs below show the products that recorded the most significant annual and monthly price increases in November.

Download the November 2023 CPI statistical release and Excel files with indices and average prices here . The archive is available here.

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