Inflation year-on-year (YoY) in August 2024 was reported at 2,12% or lower compared to annual inflation in August 2023 which reached 3,27%. Furthermore, this month's inflation rate was also lower than the previous month, July 2024 which was 2,13%.
The decline in YoY inflation in August 2024 compared to July 2024 was driven by a decrease in prices in several sectors, namely the foodstuffs sector; the food, beverage, and tobacco sector; and the restaurant food and beverage supply sector. The foodstuffs sector and the food, beverage, and tobacco sector, although experiencing the highest YoY inflation decline this month—by -0,49 percentage points and -0,28 percentage points—are still the sectors with the highest YoY inflation values of 2,76% and 3,39%. This value is lower than July 2024 of 3,25% for foodstuffs and 3,66% for food, beverages, and tobacco. In addition, the information, communication, and financial services sector is still a sector that has experienced deflation since the beginning of 2024, and this month it is at -0,16%.
