In July 2023

12-month average rate of the Consumer Prices Index continued its downward trajectory, falling to 6.9%

In July 2023, the 12-month average change rate of the Consumer Price Index (CPI) in the Autonomous Region of Madeira (ARM) stood at +6.9%, marking a 0.4 percentage point (pp) decrease from the previous month. The underlying inflation indicator, which excludes unprocessed food and energy products, recorded a rate of +6.7%, indicating a 0.3 pp decrease compared to the previous month.

Goods experienced a rate of +7.7%, while services had a rate of +5.6%.

All classes of the CPI showed positive changes, with the most notable increases seen in the "Restaurants and Hotels" (+15.9%), "Food and Non-Alcoholic Beverages" (+15.4%), and "Accessories, Household Equipment, and Current Housing Maintenance" (+7.9%) classes. The class of "Alcoholic Beverages and Tobacco" (+0.1%) registered the lowest growth.

For the entire country, the CPI displayed an average rate of change of +7.3%, showing a decrease of 0.5 pp compared to the previous month (+7.8%).

The analysis of the year-on-year change rate of the CPI for the reference month in the ARM confirms the deceleration in price growth that has been occurring since March. Indeed, in year-on-year terms, i.e., comparing July 2023 with the same month in 2022, the price change in the Region was +3.2% (+3.1% for the country), marking a decrease of 0.6 pp compared to the previous month, representing the lowest value since February 2022.

The change in CPI from July 2023 compared to the previous month was -0.7% (-0.4% for the country), which represents a significant decrease of 1.2 pp compared to the previous month.

In July 2023, the average value of housing rents per square meter of floor area in the Region showed a change of +0.3% compared to the previous month and +5.3% compared to the same month of the previous year.

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