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Madeira Suffering Highest Inflation Rate Since 1993

Throughout January of this year, the average change recorded by the Consumer Price Index (CPI) in the Autonomous Region of Madeira (AMR), – Total General – was 7.4%, an increase of 0.4 percentage points (p.p.) than in the previous month (+7.0%). According to the Regional Directorate of Nationality of Madeira (DREM), this is the highest rate of inflation to hit the area since June 1993.

The underlying inflation indicator, measured by the total index excluding unprocessed food and energy products, presented a rate of 6.4%, a 0.5 p.p. increase on the previous month.

Goods recorded a rate of 8.5% and services 5.7%.

All classes of CPI showed positive variations, with “Restaurants and Hotels” (+15.9%), “Food and non-alcoholic beverages” (+12.4%), and “Transport” (+9.9%) being the most significant increases.

In the country, the CPI recorded an average rate of change of 8.2%, a value higher than 0.4 p.p. than in the previous month (7.8%).

In year-on-year terms, i.e., comparing January 2023 with the same month of 2022, the price change was +8.3% (+8.4% in the country), + 0.5 p.p. compared to the previous month, remaining below the peak observed last June (+8.8%).

In January 2023, the average value of housing rents per square metre of residential use in the Region showed a variation of +0.9% compared to the previous month and +4.2% compared to the same month.

Samantha Gannon

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