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Consumer Price Index rose 4.5% in February 2022

St John’s Antigua, March 28, 2022. The Statistics Division, under the Ministry of Finance and Corporate Governance releases the CPI for Feb 2022

Year-on-Year Analysis

The All Items index rose 4.5 % for the twelve months ending February 2022. The annual inflation rate has been steadily rising and this is the largest increase since February 2012

The Food index rose 8.9% over the year with all nine food group indexes increasing. The index for Fruit increased 26.3% over the last year as both the indexes for Fresh and Chilled, and the index for Frozen, Preserved, or Processed Fruits increased 26.0% and 28.0% respectively. The index for Meat and Meat Products rose 15.1% as all of its components increased except for Lamb, Mutton, and Goat which fell 4.4%. The index for Fish and Seafood increased by 7.8%. Other major food groups also rose over the year with increases ranging from 3.3% (Milk, Cheese, and Eggs) to 19.9% (Oils and Fats).

The index for All Items Less Food and Energy increased 4.1% over the past twelve months. The Miscellaneous Goods and Services index rose 17.1% over the last year. The index for Communication rose 10.8% resulting from increases in January 2022. The Index for Alcoholic Beverage, Tobacco, and Narcotics increased 10.1%, and the index for Housing, Furnishings, Household Equipment, and Routine Maintenance increased by 8.0.

The Energy Index remained unchanged over the past twelve months with all major components gasoline at the pump, LPG cooking, and fuel variation rate (Electricity).

Month-to-Month Price Changes

The Monthly Consumer Price Index increased by 1.2% for the month ending February 2022.

The Food index rose 1.3% in February. Seven of nine food group indexes increased over one month. The index for Bread and Cereals rose 3.2%, a further increase from 0.4% increase in January. The index for Sugars, Jam, Honey, Chocolate, and Confectionery increased by 2.8% with the component Sugar index rising by 3.8%. The index for Fruits rose 2.6% as the index for Fresh or chilled Fruit increased 3.1%.

The index for Non-Alcoholic Beverages rose 1.7%.

The index for All Items Less Food and Energy rose 1.3% in February following a 2.3% increase the previous month. The index for Transport rose 6.4% and was by far the biggest factor in the increase. Other increases included the indexes for Alcoholic Beverage, Tobacco and Narcotics (0.7%), Miscellaneous and Good and Services (0.2%), and Furnishings, Household Equipment, and Routine Household Maintenance (0.1%).

 

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

 

Feb 2022 Monthly CPI Publication:

Monthly CPI February 2022

 

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