Tunisia’s CPI inflation accelerates to 3.9% y/y in June on Ramadan factor

By bne IntelliNews July 5, 2016

Unfavourable seasonal factors coupled with higher private consumption and local demand for food, clothing and entertainment during the holy month of Ramadan, lifted Tunisia’s CPI inflation to a six-month high of 3.9% y/y in June from 3.6% y/y the preceding month, the statistics office INS said.

In January-June, the CPI index rose 3.5% y/y, remaining well anchored and in single digits, thus within the c-bank’s comfort zone. The central bank is sustaining its wait-and-see monetary stance by holding the benchmark rate unchanged at 4.25%, seeking to spur GDP growth amid still anchored inflation.

In monthly terms, the CPI increased 0.4% in June, easing from 0.6% m/m in May.

Food and beverages prices rose 0.3% m/m in June, fuelling the annual growth to a seven-month high of 3.7% from 2.9% y/y in May.

Fresh vegetables prices climbed 12.2% y/y in June and those of poultry grew 4.6% y/y. Prices of edible oils also increased 7.7% y/y in June.

Housing and utilities prices (14% of the basket) rose 1.5% m/m in June, lifting the annual increase to a seven-month high of 5.6% from 4.8% in May.

Rents charges climbed 7.3% y/y during the month on strong local demand. Those of potable water climbed 13.4% y/y in June.

Transport prices rose 1.2% y/y, the same as in May, while those of clothing and footwear rose 7% y/y amid strong local demand during Ramadan.

  May-15 (y/y) May-16 (y/y) June-16 (y/y)
CPI (y/y) 5,0% 3,6% 3,9%
Food/beverages 5,1% 2,9% 3,7%
Tobacco 9,9% -0,6% -0,5%
Clothing/Footwear 7,2% 7,0% 7,0%
Housing/utilities 4,8% 4,8% 5,6%
Furniture/equipments 5,9% 5,0% 4,0%
Health 3,5% 2,3% 2,3%
Transport 2,9% 1,2% 1,2%
Communications -4,2% 0,0% -0,5%
Recreation/culture 3,4% 1,3% 0,8%
Education 4,7% 10,1% 10,1%
Rest/Hotels 12,0% 4,2% 3,3%
Other serivces 6,6% 6,3% 5,6%
Source: INS      
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