Inflation dropped to its lowest point in over three years in October 2024, driven by a significant decrease in fuel prices. According to data released today by the Statistical Service, the Consumer Price Index (CPI) increased by 0.16 points in October, reaching 118.64, up from 118.48 in September 2024.

In October 2024, the annual inflation rate rose by only 0.6%, marking the lowest annual growth rate recorded since March 2021.

From January to October 2024, the CPI showed an overall increase of 1.8% compared to the same period in 2023.

According to the Statistical Service, the largest year-over-year price change in economic categories was recorded in the Fuel category, which saw a decline of 12.75% compared to October 2023. Month-over-month, the Agricultural Products category experienced the most significant decrease, dropping by 2.17% since September.

In terms of percentage changes from October 2023, the Restaurant and Hotel category saw the largest increase at 5.4%, followed by Food and Non-Alcoholic Beverages at 5.0%. Meanwhile, the Transport category registered a 6.9% decrease.