Food Prices declined 0.6% in August 2024, the largest decrease was in vegetables

The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Aug 2024

Year-on-Year Analysis

The All Items Index increased 7.1% for the twelve months ending August 2024; a 1.0 percentage point increase compared to the 6.1% reported in July 2024. The indexes for Miscellaneous Goods and Services, Communication, Transport and Food and Non-Alcoholic Beverages are the main drivers in the All Items increase.

CLICK HERE TO JOIN OUR WHATS APP GROUP

The index for Food and Non-Alcoholic Beverages increased 5.9%. The index for Food rose 5.1% in August, after increasing 4.0% the preceding month. Price changes in the nine food indexes were split with seven increases and two decreases.

Indexes that increased in August include Vegetables (7.6%), Meats and Meat Products (4.7%), Bread and Cereals (6.5%), and Milk, Cheese, and Eggs (6.7%). The Indexes for Fish and Seafood (-0.5%)and Oils and Fats (4.1%)were the two that decreased over the twelve months.

The index for All Items Less Food and Energy index rose 7.5% over the past twelve months idicating that core inflation increase was slightly larger than headline inflation. The indexes for Miscellaneous Goods and Services, Communication, Purchase of Vehicle, and Actual Rentals for Housing are categories of core inflation and are the main factors in the All Items Less Food and Energy increase.

Both the indexes for Miscellaneous Goods and Services and Purchase of Vehicle recorded increases above 20% over last year. Other indexes with notable increases over the last year include Actual Rentals for Housing (+2.5%), Alcoholic Beverages and Tobacco and Narcotics 11.8%.

Month-to-Month Price Changes

The Monthly Consumer Price Index increased by 2.3% in August after rising 0.4% in the previous month.

The Food index declined 0.6% in August 2024. Five of nine food group indexes fell over the one month while the four increased in August. The largest decrease was for the index for Vegetables which declined 2.4%.

The remaining index decreases ranged from Sugars, Jam, Honey, Chocolate, and Confectionery (-0.6%) to Food Products (-1.5%).

The energy index remains unchanged after increasing in July 2024. The fuel variation rate increased from 0.50 cents in June to 0.55 cents in July. Fuel at the pump and LPG fuel remain unchanged.

The index for All Items Less Food and Energy rose 3.2% in August a larger increase than the 0.3% increase the previous month. The index for Transport Services increased 51.2%. This is attributed largely to an increase in fare to St. Maarten. Over the month the remaining core indexes had mixed results either declining or unchanged.

CLICK HERE TO JOIN OUR WHATS APP GROUP

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

CLICK HERE TO JOIN OUR WHATS APP GROUP

Advertise with the mоѕt vіѕіtеd nеwѕ ѕіtе іn Antigua!
We offer fully customizable and flexible digital marketing packages.
Contact us at [email protected]