Retail Price Index data published on Monday has underscored once again how food prices are the biggest contributor to price inflation.

The National Statistics Office said that in August, the annual rate of inflation as measured by the Retail Price Index (RPI) was 1.75 per cent, up from
1.68 per cent in July 2019. The twelve-month moving average rate for August stood at 1.73 per cent.

The largest upward impact on annual inflation was recorded in the Food Index, while clothing and footwear prices were slightly down.

Food prices went up by 3.74% in the year to August - food prices excluding restaurant services and take-aways were up by 3.39 per cent. Restaurant services and take-aways registered an increase of 4.65 per cent.   

The monthly increase in food prices was 0.80%, mostly due to higher prices for take-aways, the NSO said. 

Clothing and footwear prices were down by 0.57 per cent for the year, but down by an impressive 6.45 per cent in August, according to the NSO data.

The Retail Price Index is based on the cost of purchasing a representative basket of consumer goods.

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