Consumer Price Index (CPI) January-2023
St John’s Antigua, March 7, 2023. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Jan 2023
The All Items Index increased 6.9% for the twelve months ending January 2023.
The index for Food and Non-Alcoholic Beverages represented 29.7% of the overall All Item Index increase.
The Food Index rose 11.7% and contributed 93.2% to the Food and Non-Alcoholic Beverages index increase.
All nine food subcategories rose over the twelve months. The Index for Vegetables while increasing 11.6% over the year had the largest contribution of 23.0% on Food inflation.
The change was primarily impacted by an 18.1% increase in the index for Fresh and Chilled Vegetables.
The index for Meats and Meat Products had the second largest impact on food inflation. The index rose 13.1% and contributed 19.7% to food inflation.
The index for Poultry contributed 53.1% of the Meat and Meat Products index increase.
The Index for All Items Less Food and Energy rose 6.0%.
The index for Furnishings, Household Equipment, and Routine Household Maintenance increased by 14.1% with the index for Goods and Services for Routine Household Maintenance increasing by 10.6% or having a 35.1% impact on the Furnishings, Household Equipment, and Routine Household Maintenance index.
The index for Restaurants and Hotels rose 12.2%. The Clothing & Footwear index increased by 11.8% over the same twelve-month period.
Month-to-Month Price Changes
The Monthly Consumer Price Index declined 0.5% for the month ending January 2023.
The index for Food and Non-Alcoholic Beverages decreased by 0.3%.
The Food Index declined by 0.5% in January 2023 following 1.1% increase in December 2022.
In January the major supermarket food group indexes had mixed results. There were five increases and four decreases.
The index increases range from 0.2% (Oils and Fats) to 4.2% (Milk, Cheese, and Eggs).
The index for Oils and Fats rose 0.2% after decrease 0.5% in December 2022 and the index for Milk, cheese, and Eggs increased by 4.2% after declining 2.6% in the previous month.
In contrast, the Food Products N.E.C index fell by 1.0% and the index for Meat and Meat Products decrease to 2.1% with four of its five subcategories declining.
The index for vegetables declined 2.4% resulting from a 7.8% decline in the index for Fresh or Chilled Vegetables.
The index for All Items Less Food and Energy declined 0.1%. The decrease was attributed to the decline of the Transport Services index of 15.0%.
The remaining category indexes changes weren’t impactful to offset the change.
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 Jan 2023 can be accessed on the Division’s official website www.statistics.gov.ag
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This report reinforces the need to be able to grow what we eat and to be able to feed ourselves. Ignoring this information as a nation will put us all in a precarious position since shipping costs are high and are being transferred to the consumer. Our food import bill as a country is problematic and not in our favour my peoples.
I don’t understand these numbers at all!! It’s all complete nonsense!! Who on earth believes it?!! All food and non food grouped items/goods perishable and non perishable groceries and goods at all stores have increased by either 50% – 70% pre-Covid, or even in some cases up to 150% increase on the pre Covid prices!! My shopping receipts tell me so!!
I believe it and I see it. I used to work for a wholesaler and purchasing items have skyrocketed, shipping costs have skyrocketed as well. If we want it, then we must be prepared to pay for it sadly.
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