Inflation climbs to 2.9% in January

Inflation in January rose to 2.9%, marking its fastest pace since May 2019.

Higher oil and food prices were primarily responsible for this increase.

Transportation costs, particularly petroleum and fuel expenses, contributed significantly to the uptick.

Alcoholic beverages and tobacco also saw price hikes due to higher taxes.

Food prices increased with fish rising by 8.8% and vegetables by 8.3%.

The January inflation rate is still within the government's target range of 2-4%.