​Prices of imported products increased by 0.5% in May 2024

1
​Prices of imported products increased by 0.5% in May 2024
​Prices of imported products increased by 0.5% in May 2024

Africa-Press – Cape verde. The Foreign Trade Price Indices, released today by the National Statistics Institute (INE), for the month of May 2024, indicate that the import price index stood at 141.5, registering an increase of 0.5 % in relation to the month of April.

According to a statement from INE, the Import Price Indices revealed that in May 2024, the underlying and volatile import indices registered increases of 0.3% and 0.8% respectively, compared to the previous month.

The increase in prices occurred in the Intermediate Goods categories, with 5.7%, and the increase in prices is essentially explained by the increase in the prices of “Processed products for construction”, with a percentage of 9.2 % and “Fuels” with 0.2%.

The results released by INE point to a decrease in prices, which occurred in the “Consumer Goods” group categories (-0.8%), and this is justified by the drop in prices of “Processed food products” with -1.5% and “Capital goods” with -3.4%, also due to the drop in prices of “machines” with -3.8%.

In year-on-year terms, INE announced that import price indices increased by 5.8%, compared to the month of May 2023. Compared to the month of May 2023, the underlying and volatile import indices both registered increases of 5.8 %.

In May 2024, the export price index stood at 135.3, corresponding to an increase of 0.7% compared to April. The underlying and volatile export indices registered increases of 0.5% and 1.5%, respectively, compared to April.

Still in year-on-year terms in the month of May 2024, the year-on-year rate of change in the export price index stood at 16.9%, compared to the month of May 2023, the underlying and volatile export indices increased by 20.2 % and 7.3%, respectively.

The results presented by INE indicate that the Terms of Trade Index (ITT), in the month of May 2024, stood at 95.6, registering an increase of 0.3%, compared to the previous month.

INE also reported that in year-on-year terms, the ITT stood at 10.4%.

For More News And Analysis About Cape verde Follow Africa-Press

LEAVE A REPLY

Please enter your comment!
Please enter your name here