Price of meat rose 8.1% in the last 12 months

The content originally appeared on: Antigua News Room

St John’s Antigua, November 30, 2021.

The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Oct 2021

Year-on-Year Analysis

The All Items index rose 2.9% for the twelve months ending October 2021.

The Food index rose 0.7% over the past twelve months as five supermarket food groups increased over the period. Prices were collected within the first two weeks of October and any subsequent price changes would be reflected in the November publication.

The index for Meat and Meat Products rose 8.1% with the index for Delicatessen and Other Meat Preparations increasing 13.3% and Poultry rising 9.2%.

Other major food group indexes also increased over the last twelve months with increases ranging from +3.3% (Milk, Cheese, and Eggs) to +9.4% (Oils and Fats).

The index for All Items Less Food and Energy rose 3.7% over the past twelve months. Component indexes which increased included Communication (+20.8%), Clothing and Footwear (+8.0%), and Transport (+7.1%). Indexes that rose less than 7.1% include Alcoholic Beverages (+5.6%), Restaurant and Hotels (+3.4%), and Health (+3.0%).

Indexes that declined over the year were Recreation and Culture (-10.2) and Furnishings, Household Equipment, and Routine Household Maintenance (-4.9%).

Month-to-Month Price Changes

The Monthly Consumer Price Index increased 1.4% for the month ending October 2021.

The Food index increased 1.0% in October. The index for Milk Cheese and Eggs rose 4.8% with the index for Preserved Milk and Other Milk Products and Egg and Egg-based Products increasing 7.1% and 2.3% respectively. The index for Vegetables increased 3.4% in October following a decline of 2.3% in September 2021. The index for Fish and Seafood rose 1.9%. The index for Meat and Meat Products advanced 1.5% with the index for Pork advancing 6.6%.

The index for All Items Less Food and Energy rose 1.5% as most of the major component indexes increased. The index for Transport rose 4.2% over the month as the indexes for Transport Services and Operations of Personal Transport Equipment rose 11.6% and 1.3%. The index for Communications increased 3.6% as the index for Telephone and Telefax Equipment increased 14.5%. The index for Alcoholic Beverages, Tobacco, and Narcotics rose 1.5%. Also rising in October were the indexes for Recreation and Culture (+1.3%), Furnishings, Household Equipment, and Routine Household Maintenance (+0.9%), Health (+0.5%), and Clothing and Footwear (+0.3%).

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.

Copies of the CPI for Oct 2021 can be accessed on the Division’s official website www.statistics.gov.ag

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