Inflation in Madeira reaches 7.4%, the highest value in almost 30 years

Inflation in the Autonomous Region of Madeira in January 2023 increased to 7.4%, 0.4 percentage points more than in December 2022. This average variation recorded by the Consumer Price Index (CPI) over the last twelve months – General Total – “is the highest value for this indicator since June 1993”, informs today the Regional Statistics Directorate.

“The underlying inflation indicator, measured by the total index excluding unprocessed food products and energy, showed a rate of 6.4%, 0.5 pp higher than that observed in the previous month”, with goods registering a rate of 8.5% and services 5.7%.

Says DREM that “all classes of the CPI showed positive changes, with ‘Restaurants and Hotels’ (+15.9%), ‘Food products and non-alcoholic beverages’ (+12.4%) and ‘Transport’ (+ 9.9%) those that recorded the most significant increases”, thus maintaining the trends already revealed over the last year.

In the country, “the IPC recorded an average change rate of 8.2%, a value 0.4 pp higher than that seen in the previous month (7.8%)”, he adds.

It adds that “in year-on-year terms, that is, comparing January 2023 with the same month of 2022, the price change was +8.3% (+8.4% in the country), + 0.5 pp compared to the month previous year, remaining, however, below the peak observed in last June (+8.8%)”, he highlights.

It is also mentioned that “the average value of housing rents per square meter of usable area, in the Region, showed a variation of +0.9% compared to the previous month and +4.2% if compared to the same month”.

From Diário Notícias

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