Government welcomes decline in annual consumer inflation to 3.8% in September
Government welcomes the sustained decrease in annual consumer inflation, which eased to 3.8% in September 2024, down from 4.4% in August. This marks the lowest inflation rate since March 2021, when it stood at 3.2%. The sustained decline is a positive development for households and the economy at large, helping to ease the cost of living pressures.
The primary driver behind this decline is softer transport inflation, specifically lower fuel prices. Notably, fuel prices have now decreased for four consecutive months and are, on average, 9.0% lower than a year ago.