St John’s Antigua, January 10, 2024. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Nov 2023.
Year-on-Year Analysis
The Inflation rate or the All Items Index rose 3.3% for the twelve months ending November 2023, a smaller increase than the 4.0% increase for the twelve months ending October.
The index for Transport was the primary contributor to the annual All Items decrease. The Index accounted for 42.5% of the decrease with the index for Transport declining 8.3%. The decrease was influenced by reductions in the indexes for Transport Services (-19.0%) and Operations of Personal Transport (-5.6%). In the Transport Services category, lower average price fares were recorded for Barbados, Miami and New York, while gasoline and diesel at the pump were reduced over the twelve months. Gasoline at the pump decreased from $15.50 to $13.99 and Diesel from $16.80 to $14.25.
The index for Food increased by 3.4% over the last twelve months driven by an 8.0% increase in the index for Bread and Cereals which accounted for
38.3% of the food index increase. The average price increase in bread accounted for almost two-thirds of the increase in Bread and Cereals. Four other
indexes drove the increase in the food index. Sugar, Jams, Honey, Chocolate, and Confectionery (+21.7%), (Fruit +10.1%), (Fish and Seafood +4.4%)
and (Food Products N.EC (+5.7%).
The index for All Items Less Food and Energy index rose 4.1% over the past twelve months. An indication that the non-volatile indexes are
influencing the all-items index. These were primarily the indexes for Communication (+17.0%), Restaurants and Hotels (+8.9%).Clothing and
Footwear (+7.3%), Miscellaneous Goods and Services (+5.4%), and Furnishing Household Equipment and Routine Household Maintenance (+3.8%).
Month-to-Month Price Changes
The Monthly Consumer Price Index marginally increased in November by 0.5% after declining 1.1% the previous month.
The Food and Non-Alcoholic Beverages declined by 0.6% with the index for Food decreasing by 0.5% over the month. The food category posted
mixed results with four of nine subcategories posting decreases over the one month. The index for Fish and Seafood declined by 8.4% and the index
for Food Products N.E.C fell by 1.5%. Other notable decreases were Vegetables (-0.9%) and Meat and Meat Products (-0.4%).
In contrast, the index for Milk, Cheese, and Eggs rose by 3.4% and the index for Bread and Cereals increased by 3.1%. Also increasing were the
indexes for Oils and Fats (+2.3%) and Fruit (+0.5%).
The index for All Items Less Food and Energy rose 0.8% in November. The increase was largely attributed to increases in the indexes for Transport
Services (+3.7%), Actual Rentals for Housing (+2.3%), and Furnishings, Household Equipment, and Routine Household Maintenance (+0.3%).
— END —
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 this and previous CPI publications can be accessed in the analysis section of the Consumer Price Index Subjects page.
November 2023 Monthly CPI Publication: