Consumer Price Index (CPI) November-2023
St John’s Antigua, January 10, 2024. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Nov 2023
Year-on-Year Analysis
The Inflation rate or the All Items Index rose 3.3% for the twelve months ending November 2023, a smaller increase than the 4.0% increase for the twelve months ending October.
The index for Transport was the primary contributor to the annual All Items decrease.
The Index accounted for 42.5% of the decrease with the index for Transport declining 8.3%.
The decrease was influenced by reductions in the indexes for Transport Services (-19.0%) and Operations of Personal Transport (-5.6%).
In the Transport Services category, lower average price fares were recorded for Barbados, Miami and New York, while gasoline and diesel at the pump were reduced over the twelve months. Gasoline at the pump decreased from $15.50 to $13.99 and Diesel from $16.80 to $14.25.
The index for Food increased by 3.4% over the last twelve months driven by an 8.0% increase in the index for Bread and Cereals which accounted for 38.3% of the food index increase.
The average price increase in bread accounted for almost two-thirds of the increase in Bread and Cereals.Four other indexes drove the increase in the food index.
Sugar, Jams, Honey, Chocolate, and Confectionery (+21.7%), (Fruit +10.1%), (Fish and Seafood +4.4%) and (Food Products N.EC (+5.7%).
The index for All Items Less Food and Energy index rose 4.1% over the past twelve months.
An indication that the non-volatile indexes are influencing the all-items index.
These were primarily the indexes for Communication (+17.0%), Restaurants and Hotels (+8.9%).Clothing and Footwear (+7.3%), Miscellaneous Goods and Services (+5.4%), and Furnishing Household Equipment and Routine Household Maintenance (+3.8%).
Month-to-Month Price Changes
The Monthly Consumer Price Index marginally increased in November by 0.5% after declining 1.1% the previous month.
The Food and Non-Alcoholic Beverages declined by 0.6% with the index for Food decreasing by 0.5% over the month.
The food category posted mixed results with four of nine subcategories posting decreases over the one month.
The index for Fish and Seafood declined by 8.4% and the index for Food Products N.E.C fell by 1.5%. Other notable decreases were Vegetables (-0.9%) and Meat and Meat Products (-0.4%).
In contrast, the index for Milk, Cheese, and Eggs rose by 3.4% and the index for Bread and Cereals increased by 3.1%. Also increasing were the indexes for Oils and Fats (+2.3%) and Fruit (+0.5%).
The index for All Items Less Food and Energy rose 0.8% in November. The increase was largely attributed to increases in the indexes for Transport Services (+3.7%), Actual Rentals for Housing (+2.3%), and Furnishings, Household Equipment, and Routine Household Maintenance (+0.3%).
Methodology
What is the consumer price index (CPI) measuring and how is it done?
The All Items Consumer Price Index (CPI) is the main measure of what is commonly called inflation, or headline inflation. It measures the change in prices, on average, from month to month, and from year to year of the goods and services bought by most households.
Prices are collected monthly and quarterly from supermarkets and other suppliers of goods and services.
The pattern of household expenditure on these goods and services is derived from a regular household budget (or expenditure) survey (HBS).
The prices and spending patterns (known as weights) are then combined to calculate the price indices for groups of goods and services and for the All Items index. These indices are based on expenditure patterns in 2006.
The All Items (or overall) index, with all of its twelve (12) component indices, is published each month.
For a detailed account of the methodology used in calculating the CPI, please call the Statistics Division.
Copies of the CPI for Nov 2023 can be accessed on the Division’s official website www.statistics.gov.ag
Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]
please dnt leave out house rent too I have a great concern I have seen thousands of houses raise an ppl now put the house in US dollars wen this is a EC country I believe the government should step in this is nonsense
nobody telling ppl how to rent but come on ppl working 22 hundred a month sb the house is 1800US this dnt make sense talk about that increased not jus food
Again, the bank’s governor should RESIGN… He seems thinks his job is ceremonial…
Since you are wiser can you advise what the governor of the Central Bank possibly do to curb inflation. I await your response so we can have a reasoned debate via this medium.
Well, on the plus side, now might be a good time for persons to get into agriculture to help increase food production. If there is more production, prices should decrease right? Same for other industries. And that would provide employment for some unemployed individuals.
Folks, this will just get worst. The clown who claims to know finance, who claimed he would transform Antigua and Barbuda in an economic powerhouse has transformed us into a poor house. The solution is t
to remove the scourge so we can breathe again. The man has his foot on poor people’s necks.
Suggestions were made to ease the squeeze but the clown is too arrogant and narcissistic to take advice from anyone. Why listen when he can blame UPP after 10 long years of failure after failure?
Inflation is everywhere, which is due to many reasons. Let’s not forget where Covid originated and the upset its caused. However, the latest tax increase is on top of known inflation and hurts those worst at the bottom of the socioeconomic ladder. Your PM is selling your country to outside developers without restrictions, which opens the door to under the table deals. Your freedom of press and speech is being damaged. Your government just hired a Communist educated executive to control media. The Chinese are taking more and more around the world which will lead to more inflation.
Comments are closed.