Food prices increase again in latest consumer price index

The content originally appeared on: Antigua News Room

The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Jul 2022

Year-on-Year Analysis

All Items Index increased 8.5% for the twelve months ending July 2022 a smaller increase than the 10.5% for the period ending June 2022.

The Food Index rose 10.8% over the last twelve months.

All nine sub-categories increased over the period with the Indexes for Meats and Meats Products and Vegetables having the largest contribution to the change in the index for Food.

The index for Meat and Meat Products rose 19.0% accounting for almost one third (30.2%) of the change in the Food Index. Of the six sub-categories, the indexes Poultry and Delicatessen and Other Meat Products contributed to 89.6 % of the change in the Meat and Meat Products.

The index for Vegetables rose 8.2% accounting for 18.0% change in the Food index. The sub-category of Fresh and Chilled Vegetables had the largest impact on the increase of the Vegetable index. The category accounted for 58.4% of the increase. The remaining sub-categories’ contributions ranged from 2.6% (Fruits) to 10.8% (Bread and Cereals).

The index for Transport rose 19.8% a smaller percentage increase than the 27.6% in June 2022%.

The Index for All Items Less Food and Energy rose 7.1% over the last twelve months. The components of the index account for 62.0% of the overall increase in inflation.

Month-to-Month Price Changes

The Monthly Consumer Price Index decreased by 1.4% for the month ending July 2022.

The Food Index rose 0.5% in July 2022, as five of the nine major supermarkets’ food indexes increased. This is the sixth consecutive monthly increase since the January 2022 decline of 0.1%.

The index for Sugars, Jams, Honey, Chocolate, and Confectionery rose the most increasing 4.9% as the index for Sugars rose 8.5%. The index for Fish and Seafood rose 1.3% and was influenced by an increase in the sub-index for Fresh Chilled or Frozen Fish and Seafood of 7.3%. The Index for Vegetables rose 1.0% and was impacted by increases in the category for Fresh and Chilled Potatoes (+14.2%) and Fresh and Chilled Vegetables (+1.9%).

The index for Meats and Meat Products increased 1.0% with increases in the indexes for Lamb, Mutton and Goat (+11.3%) and Poultry (+3.0%).

The Energy Index remained at zero after increasing 7.2% in June 2022. The gasoline price at the pump remains at $15.70 per gallon and diesel remains at $17.25 per gallon.

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 Jul 2022 can be accessed on the Division’s official website www.statistics.gov.ag

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