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Posted On: 6 December 2013 05:25 pm
Updated On: 12 November 2020 02:13 pm

House rents continue to increase

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House rents continue to rise due to increasing demand for housing fuelled by increasing population. Year-on-year rent inflation was 6.2 percent by October-end, while overall consumer inflation was less than half at 2.8 percent, consumer price index (CPI) figures released by the Ministry of Development Planning and Statistics suggest. Food, textiles, home appliances, medical care and entertainment all became costlier in a year. The ministry said rising rentals of residential buildings were the main contributing factor to the increase in the CPI for ‘rent, fuel and energy’. The three items are clubbed together and have a weight of 32.2 percent in the CPI basket. Food became 2.6 percent costlier. Figures show that compared with the previous month, rents were slightly up (by 0.8 percent) in October. **The photo doesn't belong to the Peninsula.