Although the variation of the Average Consumer Price Index (CPI) of Madeira, recorded in 2024, stood at 3.3%, 1.7% less than in the previous year, inflation rates rose in three sectors.
According to data from the Regional Directorate of Statistics of Madeira (DREM), the core inflation indicator, measured by the total index excluding unprocessed food and energy, presented a rate of 3.7%, 1.4% lower than in 2023 (5.1%).
Goods and services
The inflation rates recorded in goods and services were 1.9% and 4.3%, respectively, and in 2023 they stood at 5.1% and 4.7%, in the same order.
Biggest increases
It should be noted that the ‘restaurants and hotels,’ ‘communications’, and ‘housing, water, electricity, gas, and other fuels’ sectors recorded the largest increases in the inflation rate, reaching 8.5%, 7.5%, and 4.2%, respectively.
However, ‘clothing and footwear’ recorded a negative drop of minus 1.3 percentage points.
In December 2024, the average value of housing rents per square metre of floor area in the Region presented a monthly change rate of 0.7% and 8.2%, compared to the same month of the previous year (0.6% and 7.6%). Between 2023 and 2024, rents rose by 7.1%.
Samantha Gannon
info at madeira-weekly.com
