The Consumer Price Index (CPI) registered a monthly variation of 0.3% in April 2023, accumulating an increase of 2.1% for the first four months of the year and 9.9% over twelve months.
This is great news, as it marks the first single-digit drop in 13 months.
“This 0.3% figure for monthly inflation, combined with the previous months, totals a 9.9% variation over twelve months. This means, therefore, that what we had been saying for a while, that inflation was going to reach single-digits, has been brought forward by a month. We had anticipated it would happen in May, and it actually happened in April,” said Treasury Minister Mario Marcel.
“This means that we are making progress on reducing inflation. Let us consider that last month, in March, 12-month inflation was 11.1%; now it is 9.9%, a drop of more than one percentage point. Along with this, food prices have fortunately started stabilizing, which is what most affects the vast majority of households,” the minister said.
Eight of the twelve divisions that make up the CPI basket had a positive effect on the index’s monthly variation in April, three had a negative effect and one had no effect.
Among the divisions showing price increases were health (1.5%), which contributed 0.106 percentage points, and transport (0.8%), with 0.104 percentage points.
Among the divisions showing price decreases were recreation and culture (-1.7%), with -0.115 percentage points.