Latest Consumer Price Index confirms price increases in all areas

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Consumer Price Index (CPI) June-2022

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

Year-on-Year Analysis

All Items Index rose 10.5% for the twelve months ending June 2022.

The Food Index rose 10.3% over the last twelve months with all nine sub-categories increasing over the period. Eight of the nine sub-categories rose more than five percent.

The index for Meat and Meat Products rose 16.9% with the index for Poultry increasing 25.1%.

The remaining groups had increases ranging from 1.3% (Fruits) to 23.3% (Oils and Fats). The index for Non-Alcoholic Beverages increased by 9.3% with the index for Coffee, Tea, and Cocoa increasing by 19.4%.

The index for Soft Drinks and Concentrates rose 15.0%.

The index for Transport rose 27.6% which was attributed to increases in airlines fares (+42.7%) and Operations of personal Transport equipment (+25.9%).

The Energy Index increased 17.1% over the last twelve months. The gasoline index increased 40.0% with the price per gallon increasing from $12.50 to $17.50.

The diesel price rose 41.3% with the price per gallon increasing from $12.20 to $17.25.

The Index for All Items Less Food and Energy rose 9.9% over the last twelve months. The increase was reflected in all major components over the period.

The Index for Miscellaneous Goods and Services rose 17.5%. The index for Furnishings, Household Equipment, and Routine Household Maintenance increased by 14.9%.

Month-to-Month Price Changes

The Monthly Consumer Price Index increased by 2.8% for the month ending June 2022.

The Food Index rose 0.6% in June 2022 following a 1.8% increase the following month. Five of the nine major sub-categories recorded increases in June.

The index for Meats and Meat Products rose 5.2% with increases in the indexes for Pork (+11.2%) and Poultry (+7.2%). The index for Sugar, Jams, Honey, Chocolate, and Confectionery rose 2.2% over the one month.

The Energy Index rose 7.2% after declining 1.6% in May.

The gasoline index rose 15.5% as prices at the pump increased from $15.15.to $15.70 per gallon in June after declining 3.5% in May.

The diesel index rose 12.5% as prices rose from $15.33 to $17.25 per gallon at the pump.

The Index for All Items Less Food and Energy rose 2.8% in June.

The index for Transport Services rose 33.2% with the index for Transport by Air increasing 38.7%. The index for Alcoholic Beverages, Tobacco, and Narcotics increased by 0.7%.

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

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