Food prices are seeing big increases in Antigua and Barbuda

St John’s Antigua, July 30, 2024. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Jun 2024

Year-on-Year Analysis

Over the last twelve months the All Items index increase 6.6% the same rate as the twelve months ending May 2024.

The index for Food and Non-Alcoholic Beverages increased 6.3% in June, a higher increase than the 4.9 in May 2024.

The Food Index rose 5.7% with seven of the nine food subcategories rising over the twelve months and accounted for 91.9% of the overall Food Index increase. The indexes for Vegetables, Bread and Cereals, and Meat and Meat Products combined contributed 72.7% of the Food index increase.

The Index for Vegetables while increasing 6.1% over the year had the largest contribution of 25.1% on Food inflation. The change was primarily impacted by increases in the categories for Fresh or Chilled Vegetables (+7.3%)and Frozen, Preserved, or Processed Vegetables (+5.3%).

The index for Bread and Cereals had the second largest impact on Food inflation.

The index rose 8.4% and contributed 24.2% to Food inflation while the index for Meat and Meat Products rose 7.5%.

The Index for All Items Less Food and Energy rose 7.3%. Similar to the May 2024 index, it was affected by increases in the indexes for Communication, Miscellaneous Goods and Services, Restaurants and Hotels, and Housing Water, Electricity, Gas, and Other Fuels. The indexes for Communication, Miscellaneous Goods and Services, Restaurants, and Hotels remained the same while the index for Hotels and Housing Water, Electricity, Gas, and Other Fuels rose 6.2%.

Month-to-Month Price Changes

The Monthly Consumer Price Index increased in June 2024 by 0.2%.

The Food and Non-Alcoholic Beverages increased by 2.3%, with the index for Food increasing by 2.2% over the month. The Food category posted mixed results with six of nine subcategories posting increases over the one month. The index for Vegetables rose 5.1% over the same period. The index for Meats and Meat Products increased by 4.5% and the index for Bread and Cereals advanced by 2.7%. The index for Fruit declined by 5.8% and the remaining declining indexes ranged from Oils and Fats (-1.5%) to Milk, Cheese, and Eggs.

The index for All Items Less Food and Energy declined by 0.3% in June. The decrease was attributed to decreases in the indexes for Transport Services (-7.0%) and Furnishings, Household Equipment, and Routine Household Maintenance (-0.6%). The decrease in the indexes more than offset the increases in the indexes for Actual Rentals for Housing (+1.0%) and Alcoholic Beverages, Tobacco, and Narcotics (+0.7%).

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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 Jun 2024 can be accessed on the Division’s official website www.statistics.gov.ag

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