Inflation Surges: Benchmark CCPI More Than Doubles to 3.4% in November 2023, Food Deflation Provides Silver Lining

December 01, 2023

The latest economic indicators reveal a significant uptick in inflation, as the Benchmark Consumer Price Index (CCPI) soared to 3.4% in November 2023, marking a stark contrast to the 1.5% rise recorded in October of the same year.

The data, released by the Department of Census and Statistics, underscores the evolving economic landscape as concerns about rising prices come to the forefront.

While the current inflation rate is more than double the previous month's figure, it is important to note that the situation remains markedly improved compared to a year ago when inflation reached a staggering 61%.

This comparative perspective provides some relief, indicating a substantial decrease in the inflationary pressures that were prevalent just a year ago.