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Consumer Price Index for March 2022 rose 6.1%

St John’s Antigua, April 27, 2022. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Mar 2022.

Year-on-Year Analysis

The All Items index rose 6.1% for the twelve months ending March 2022. The annual inflation rate rose further than the February 2022 inflation of 4.5%. The Food inflation increased by 9.4% over the twelve months while the Energy index increased by 11.0% over the same period.

All major food group indexes increased in March. The largest increase was for the index for Oils and Fats which increased by 24.3%. The index for Fruit rose 18.6% while the index for Sugar, Jams, Honey Chocolate, and Confectionery was 14.3%. The index for Meat and Meat Products rose 14.2% with all of its components increasing. The index for Fish and Seafood increased by 8.7%.

The Energy Index rose 11.0%, the first increase since October 2020. The rise was due to the increase of fuel at the pump. A gallon of diesel increased from $12.20 to $15.50 while gasoline from $12.50 to $15.70. All other major components remained constant (20 lb. LPG cooking, and fuel variation rate).

The index for All Items Less Food and Energy rose 5.0% in March following a 4.1% increase in February. The indexes for Miscellaneous Goods and Services, Alcoholic Beverages, Tobacco and Furnishings, Household Equipment, and Routine Household Maintenance were the largest factor in the increase. All other increases remained the same from the previous month.

Month-to-Month Price Changes

The Monthly Consumer Price Index increased by 1.5% for the month ending March 2022.

The Food index rose 0.2% in March. The largest increase within the food category was the index for Sugars, Jam, Honey, Chocolate, and Confectionery which increased by 8.0%. It followed a 2.8% increase in February 2022. The index for Oils and Fats rose 3.3% while the index for Food Products N.E.C increased 1.8%. The index for Milk, Cheese, and Eggs rose 1.1%. In contrast to the increases, there were decreases in the indexes for Fruit (-6.9%), Meat and Meat Products, and Vegetables (-0.2%).

The Energy Index rose 11.0% following increases in Diesel and Gasoline at the pump.

The index for All Items Less Food and Energy rose 0.8% in March. The index for Transport Services rose 10.1% in March 2022. The indexes for Alcoholic Beverages, Tobacco, and Narcotics increased 1.2% over the one month period. The index for Furnishings, Household Equipment, and Routine Household Maintenance increased 0.3% after rising 0.1% in February.

 

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

 

March 2022 Monthly CPI Publication:

Monthly CPI March 2022

 

 

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