Year-on-year (YoY) inflation in January 2024 was reported at 2.57%, which is lower compared to the annual inflation in January 2023, reaching 5.28%. The decline in YoY inflation in January 2024 was driven by increases in all sectors except for the energy sector and the information, communication, and financial services sectors. The sectors experiencing the highest YoY inflation were the food materials sector (6%), the food, beverage, and tobacco sector (5.84%), and the personal care and other services sector (3.01%). YoY inflation in the education sector has been consistently decreasing since September 2023.

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