The Consumer Price Index (CPI) in February rose by 0.34% compared to January and 2.91% year-on-year, according to data announced by the National Statistics Office (NSO) on March 6.

The CPI increase was mainly driven by higher prices for food, rental housing, and transport services.

On average, the CPI in the first two months of the year soared by 3.27% compared to the same period last year.

Nine of the 11 groups of goods and services saw price increases and two groups decreased in price in February, according to the NSO. Transportation showed the largest increase among sectors, rising by 0.63%.

The NSO also reported that core inflation in the past two months surged 2.97% year-on-year.