In July 2024, consumer prices rose by 0.1% compared to the previous month and by 5.4% on average over the last twelve months, mainly due to higher prices for local goods and services. Compared to the previous month, household consumer prices recorded a slight increase of 0.1%, after a more pronounced increase of 0.4% observed in the previous month. The slight increase was mainly attributable to a 0.5% increase in education prices, as well as a 0.1% increase in prices for “clothing and footwear.” In addition, the “restaurants and hotels” and “furniture, household goods and routine household maintenance” components recorded increases of 0.1% and 0.2%, respectively. Food prices, meanwhile, remained stable. Indeed, the increase in the prices of bread and cereals as well as meat was offset by a decrease in the prices of several other items, including fish and seafood, vegetables, oils and fats, fruits, as well as “milk, cheese and eggs”. The increase in education costs is largely the result of the increase in tuition and enrolment fees in some private and faith-based primary and secondary schools for the 2024/2025 school year. Year-on-year, compared to July 2023, the increase is 3.9%, due in particular to the 4.4% increase in food prices and a 10.9% increase in transport costs. It should be noted that this price increase has been gradually slowing down for several months.
