Consumer Price Index (CPI) August-2022
The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Aug 2022
All Items Index increased 8.3% for the twelve months ending August 2022 a smaller increase than the 8.5% for the period ending July 2022.
The Food Index rose 12.8% over the last twelve months. The index for Oils and Fats rose 23.8% over the year. The average price of Glow Spread margarine rose from $7.54 to $ 8.64 while a one-liter bottle of Soya oil rose from $6.66 to $10.19. The remaining major supermarket food groups posted increases ranging from 6.3% (Fruits) to 18.3% (Meat and Meat Products).
The index for Fruits advanced by 6.3% with the sub-category Fresh or Chilled Fruit increasing by 5.7%. The increase was impacted by the average price per pound for watermelon which rose from $3.51 to $4.60. There were also increases in the prices for apples, grapes, and pear.
The index for Meat and Meat Products rose 18.3%. The index for Poultry rose 27.6% with all seven commodity prices increasing. The index for Delicatessen and Other Meat Products grew 22.1% over the year.
The Energy index increased by 11.0% a smaller percentage increase than the 17.1% in July 2022. The decline has been attributed to the reduction of diesel and gasoline at the pump which took effect after the collection period in July 2022. The Index for All Items Less Food and Energy rose 7.0% over the last twelve months.
Month-to-Month Price Changes
The Monthly Consumer Price Index is 0.0% for August 2022 .
The Food Index rose 2.8% in August 2022, as seven of the nine major supermarket food indexes increased. The Index for Vegetables rose 5.1% with the subcategories Fresh and Chilled Potatoes increasing 8.5% and Fresh and Chilled Vegetables rising 6.4%. The index for Fruit increased by 4.0% in August. The index for Meats and Meat Products increased by 2.8% a larger increase than the 1.0% increase in July.
The index for Sugars, Jams, Honey, Chocolate, and Confectionery fell 2.3% with the index for Sugar declining 5.6% over the one month.
The Energy Index fell 5.2% in August 2022. The price of gasoline at the pump was reduced from $17.50 to 15.54 per gallon and diesel remained at $17.25 per gallon.
The Index for All Items Less Food and Energy declined -by 0.1% in August. The index for Transport Services fell 1.6% as a result of a reduction in the average airline fares.
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 2022 can be accessed on the Division’s official website www.statistics.gov.ag