Year-on-year (YoY) inflation in October 2024 was reported at 1,71% or lower compared to annual inflation in October 2023 which reached 2,56%. Furthermore, this month's inflation rate was also lower than the previous month, September 2024 which was 1,84%
The decline in YoY inflation in October 2024 compared to September 2024 was driven by a decrease in prices in several sectors, namely the food, beverage, and tobacco sector; foodstuffs; clothing and footwear sector; and housing, water, electricity, and household fuels. The foodstuffs sector and the food, beverage, and tobacco sector, although experiencing the highest YoY inflation decline this month—by -0,82 percentage points and -0,38 percentage points—are still the sectors with the highest YoY inflation values of 2,35% and 1,15%. This value is lower than September 2024 of 2,57% for food, beverages, and tobacco and 1,53% for foodstuffs. Furthermore, the transportation sector recorded its first deflationary trend in the last 12 months, namely 0,08%. In addition, the information, communication, and financial services sector is still the sector that has experienced deflation since the beginning of 2024, and this month it is at -0,28%.
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