Statistics Office: Economic growth slows for first time in six quarters due to inflation

The pace of consumer price growth, while still high, slowed slightly in Q2-2023 for the first time in six quarters of continuous rise, settling at 7.1% y-o-y, down from 9.1% a quarter earlier, according to the High Commission for Planning (HCP).

This change in trend is the result of a fall in non-food prices by more than half (+1.4%) compared to +3.5% recorded in the first quarter, and a slowdown from 17.6% to 15.5% in food prices, explains the HCP in its Q2 2023 business cycle note and the outlook for Q3-2023.