Consumer Price Index (CPI)Year-on-Year AnalysisMonth-to-Month Price ChangesThe All Items Index increased 7.1% for the twelve months ending February 2024.The index for Food and Non-Alcoholic Beverages increased 5.3% over twelve months and represented 14.3% of the overall All Items Index increase.
The Food Index rose 5.1% and contributed 86.3% to the Food and Non-Alcoholic Beverages Index increase. Eight of the nine food subcategories roseover the twelve months.
The indexes for Food Products N.E.C, Vegetables, and Bread and Cereals combined contributed 53.1% of the Food indexincrease.
The Index for Food Products N.E.C while increasing 11.7% over the year had the largest contribution of 19.1% on Food inflation.
The change was primarily impacted by increases in the average prices of BBQ Sauce, Ketchup Mayonnaise, and Salt.
The index for Vegetables had the second largest impact on Food inflation. The index rose 4.1% and contributed 18.5% to Food inflation.
The Index for All Items Less Food and Energy rose 8.3%. Similar to the January 2024 index, it was affected by increases in the indexes forCommunication, Miscellaneous Goods and Services, and Restaurants and Hotels.
The index for Communication remained at 26.7%. The index forRestaurants and Hotels rose by 15.4% and The index for Miscellaneous Goods and Services increased by 10.3. The index for Miscellaneous Goods and Services increased by 10.3%.
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.
St John’s Antigua, March 28, 2024. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Feb 2024Copies of the CPI for Feb 2024 can be accessed on the Division’s official website www.statistics.gov.agFebruary-2024
The Monthly Consumer Price Index increased in February 2024 by 0.1%.The Food and Non-Alcoholic Beverages increased by 0.1%. with the index for Food decreasing marginally by -0.1.% over the month. The Foodcategory posted mixed results with five of nine subcategories posting increases over the one month. The index for Food Products N.E.C rose 5.5%over the same period. The index for Fruit increased by 3.4% and the index for Milk, Cheese and Eggs advanced by 2.8%. Both the indexes for Sugar,Jam, Honey Chocolate, and Confectionery and Vegetables had smaller increases 0.6% and 0.2%.
The index for All Items Less Food and Energy declined by -0.2% in February. The decrease was attributed to decreases in the indexes TransportServices (-0.6%) and Furnishings, Household Equipment, and Routine Household Maintenance (-0.3%).
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