Food prices rose 1.8% in May 2022 with all nine major subcategories recording increases

The content originally appeared on: Antigua News Room
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The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for May 2022

Year-on-Year Analysis

All Items Index rose 7.8% for the twelve months ending May 2022.

The Food Index increased by 11.5% with all nine sub-categories recorded an increase over the period.

The changes in the indexes for Vegetables and Meat and Meat Products accounted for forty-five percent of the increase in food expenditure.

The index for Meat and Meat Products rose 13.2% primarily due to the changes in the poultry index which contributed to 72.3 % of the change.

The indexes for Vegetables increased by 12.5% of which 64.4% of the change was attributed to the Fresh or Chilled Vegetables index.

Energy Index increased 9.2%, a decline from 11.0% in April 2022.

The decrease was attributed to a decline in a gallon of gasoline from $15.70 to $15.15 and a gallon of diesel from $15.50 to $15.33.

The Index for All Items Less Food and Energy increased 6.9% over the past twelve months.

All major components increased over the period. Contributors to this increase include the Index for Miscellaneous Goods and Services which rose 17.3%, Furnishings, Household Equipment and Routine Household Maintenance (+14.3%), and Communication (+12.2%).

These changes accounted for 65.4% of the movement of the basket of the goods and services.

Month-to-Month Price Changes

The Monthly Consumer Price Index increased by 0.4% for the month ending May 2022.

The Food Index rose 1.8% in May 2022 with all nine major subcategories recording increases.

Changes in three of the major subcategories accounted for 63.0% of the increase in food expenditure.

The index for Food Products N.E.C rose 6.9% and contributed 29.7% of the food index change.

The indexes for Meats and Meat Products and Vegetables increased by 1.8% and 1.3% respectively. Each index accounted for a 16.7% increase in food expenditure.

The Energy Index declined 1.6% after remaining unchanged in April 2022. The decrease was attributed to the reduction of both gasoline and diesel at the pumps in May 2022.

The Index for All Items Less Food and Energy rose 0.3% in May.

Three major components recorded increases over the month of April.

The indexes for Alcoholic Beverages,Tobacco, and Narcotics rose 1.0%, Transport increased by 0.5%, and Furnishings, Household Equipment, and Routine Household Maintenance by 0.1%.

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.

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