Year-on-year, private road transport cost decreased by 5.6 percent in October, following a 2.8 percent fall in the previous month, largely due to the high base a year ago. Accommodation cost declined by 1.0 percent, extending a 0.6 percent correction in September, as a result of the soft housing rental market. Prices of oil-related items, including electricity tariffs and petrol pump fell by 2.1 percent, after dropping by 0.6 percent in the preceding month, given the recent weakness in oil prices. Food inflation moderated to 2.8 percent as prices of both non-cooked food items and prepared meals rose at a slower pace. Services inflation came in at 1.7 percent, unchanged from the preceding month, as the higher cost of recreation & entertainment and holiday travel were offset by smaller increases in school tuition fees and household services.
Core Inflation, which excludes the costs of accommodation and private road transport, moderated to 1.7 percent in October, down from 1.9 percent in September, largely due to a steeper decline in electricity tariffs and lower food prices.
On a month-on-month basis, the consumer price index fell 0.4 percent in October, following a 0.1 percent drop in September, mostly due to lower cost of: electricity (-1.6 percent), accommodation (-1.9 percent) and private road transport (-0.6 percent).