Headline inflation increased slightly from 1.5 percent in September to 1.6 percent in October 2024, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 3.1 percent recorded in October 2023. The marginal increase in inflation between September and October 2024 was mainly due to the broad-based increase in food prices, while other categories of goods and services were generally unchanged.  Inflation for domestic tradeables increased from 4.3 percent to 4.5 percent between September and October 2024, due to the broad-based increase in food prices. Similarly, inflation for imported tradeables rose marginally from -0.2 percent to -0.1 percent over the same period. As a result, all tradeables inflation increased from 0.9 percent to 1.1 percent between September and October 2024. Inflation for non-tradeables remained constant at 2.4 percent over the same period.

Similarly, the 16 percent trimmed mean inflation increased from 1.5 percent to 1.6 percent between September and October 2024, while inflation excluding administered prices decreased from 3.1 percent to 3 percent over the same period.