In August 2023

12-month average rate of the Consumer Prices Index (CPI) continued its downward trajectory, declining to 6.5%

In August 2023, in the Autonomous Region of Madeira (ARM), the average change recorded by the Consumer Price Index (CPI) over the last twelve months – Overall Total - was +6.5%, representing a decrease of 0.4 percentage points (pp) compared to the previous month. The underlying inflation indicator, measured by the total index excluding unprocessed food and energy products, showed a rate of +6.3%, decreasing by 0.4 pp compared to the previous month.

Goods recorded a rate of +7.4%, while services had a rate of +5.2%.

For 12 consecutive months, all classes of the CPI have been registering increases in this indicator. However, this month, this trend was countered by the class of "Alcoholic beverages and tobacco," which showed a slight negative change of -0.1%. The remaining classes remained in positive territory, with the classes of "Food and non-alcoholic beverages" (+15.3%), "Restaurants and Hotels" (+14.1%), and "Accessories, household equipment, and current housing maintenance" (+7.5%) showing the most significant increases.

In the country as a whole, the CPI observed an average change rate of +6.8%, representing a decrease of 0.5 pp compared to the previous month (+7.3%).

Analysing the year-on-year change rate of the CPI in the reference month in the Autonomous Region of Madeira reveals a reversal of the trend, with an acceleration in price growth. Indeed, in year-on-year terms, i.e., comparing August 2023 with the same month in 2022, the price change in the region was +3.8% (+3.7% in the country), an increase of 0.6 pp compared to the previous month. In the country, the trend was similar, with the year-on-year change rate of the CPI also rising by 0.6 pp.

On the other hand, the change of the CPI in August 2023 compared to the previous month was +0.4% (+0.3% in the country), representing an increase compared to the previous month of 1.1 pp.

In August 2023, the average value of housing rents per square meter of floor area in the Region showed a change of +0.4% compared to the previous month and +5.2% compared to the same month of the previous year.

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