In a release of economic data on Friday, the Statistical Service unveiled the findings of the Harmonized Index of Consumer Prices for July 2023. The index exhibited a measured rise of 2.4% in comparison to July 2022. Additionally, the index registered a sequential increase of 1.4% when compared to the previous month.

This statistical report further indicates that during the timeframe spanning from January to July 2023, there was a notable uptick of 4.6% when juxtaposed with the corresponding period in the previous year.

Analyzing the data, it becomes evident that the categories with the most prominent shifts from July 2022 were Food and Non-Alcoholic Beverages, experiencing an upward surge of 10.4%, and Transportation, which encountered a decrease of -6.5%.

It is worth noting that when considering the data relative to June 2023, the most significant alteration was recorded within the realm of Clothing and Footwear, experiencing a substantial decrease of -11.8%. Furthermore, in the broader perspective of January to July 2023 in comparison to the same period in the prior year, substantial changes materialized in several categories. 

Notably, Food and Non-Alcoholic Beverages saw a rise of 9.1%, Housing, Water, Electricity, and LPG increased by 7.8%, and Restaurants and Hotels experienced growth of 6.7%.

Delving deeper into economic categories, it is discernible that the most substantial variances from July 2022 were observed in Energy, which exhibited a decline of -14.1%, and Food-Alcoholic Beverages-Tobacco, recording an increase of 8.7%. Compared to the previous month, Energy saw the most notable change with an increase of 8.5%.