Year-on-Year Analysis
The All Items Index increased 5.9% for the twelve months ending February 2023; this was the smallest twelve-month increase since the February 2022 increase of 4.5%.
The Food Index rose 10.5 over the last twelve months.
All nine food subcategories rose over the twelve months.
The index for Food Products NEC rose 20.4% over the twelve months ending February 2023.
The remaining major supermarket food groups posted increases ranging from 0.1% (Fruit) to 18.8% (Sugar, Jams, Honey, Chocolate, and Confectionery).
The Index for All Items Less Food and Energy rose 4.9% over the period.
The components within the category account for over 60% of the total increase in the All Items index.
The index for Furnishings, Household Equipment, and Routine Household Maintenance increased by 13.6% with the index for Goods and Services for Routine Household Maintenance increasing by 9.6%.
The remaining category increases over the year reflected increases from January 2023 quarterly prices collections except Miscellaneous Goods and Services.
Month-to-Month Price Changes
The Monthly Consumer Price Index increased by 0.2% for the month ending February 2023.
The index for Food and Non-Alcoholic Beverages increased by 0.5% with the index for Food increasing by 0.2% over the month.
The index for Non-Alcoholic Beverages increased by 2.8% in February after a 0.7% increase the previous month.
The index for Fish and Seafood rose 4.9% over the month. The index for Fruit increased by 2.7% in February and the index for Food Products N.E.C rose by 2.4%.
In contrast, the index for Milk, Cheese, and Eggs fell by 3.9% after increasing by 4.2% in the previous month.
The index for Vegetables declined by 0.9%.
The index for All Items Less Food and Energy increased 0.2% in February after declining 0.1% in January 2023.
The Transport Services index rose 2.3% after declining 15.0% in January 2023.
The index for Alcoholic Beverages, Tobacco, and Narcotics increased by 0.9%. In contrast, the index for Furnishings, Household Equipment, and Routine Household Maintenance declined by 0.3%.
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 Feb 2023 can be accessed on the Division’s official website www.statistics.gov.ag
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