The Central Bureau of Statistics presents the most important findings for the Consumer Price Index (CPI) for the month of January 2023.
Consumer Price Index for the month of January 2023
The CPI for January 2023 is 106.69, an increase of 0.3% compared to the index of December 2022 (106.37).
The percentage change of the CPI over the last twelve (12) months (January 2022 to January 2023) is 6.6, an increase of 3.3 percentage points (ppts) compared to the percentage change for the same period of last year (3.3%).
The period average (last 24 months) percentage change of the CPI for the periods February 2021 to January 2022 and February 2022 to January 2023 is 5.8%, an increase of 4.6 ppts compared to the period average percentage change over the periods February 2020 to January 2021 and February 2021 to January 2022 (1.2%).
During this month, seven (7) of the twelve (12) sectors registered increases in prices. The increases that had the greatest influence on the CPI were registered for the “Household operation” (6.7%) and “Housing” (1.0%) sectors, which contributed with an effect of 0.58 and 0.25 ppts, respectively. The increases in the remaining sectors had an effect of 0.37 ppts on the CPI of January 2023.
Aforementioned increases were partially offset mainly by decreases in the indices for the “Recreation and culture” (-4.4%) and “Clothing and footwear” (-9.1%) sectors, causing an effect of -0.43 and -0.23 ppts. The decreases in the remaining sectors had an effect of -0.25 ppts on the CPI of January 2023.
The increase in the “Household operation” sector was mainly due to an increase in the category “Household appliances” (12.1%), which contributed to an effect of 0.28 ppts. The increase in the “Housing” sector was mainly due to an increase of 4.6% in the category “Maintenance and repair of the dwelling”, which contributed to an effect of 0.24 ppts.
The decrease in the “Recreation and culture” sector was mainly due to a decrease in the category “Holidays” (-14.8%), which contributed to an effect of -0.44 ppts. The decrease in the “Clothing and footwear” sector was mainly due to a decrease in the category “Clothing” (-9.8%), which contributed to an effect of -0.19 ppts.
Consumption basket
The consumption basket of the CPI consists of 408 goods and services. Compared to December 2022, 57.4% of these products had an increase in price, causing an effect of 1.88 ppts, while 32.6% showed a decrease, contributing to an effect of -1.58 ppts and the remaining 10.0% had no change in price. The prices of goods increased by 0.4% and caused an influence of 0.25 ppts. The prices of services showed an increase of 0.1% and had an influence of 0.05 ppts on the CPI of January 2023.
Core inflation
The CPIC (core inflation) – CPI excluding the effect of energy and food – was 3.1% in January 2023. The energy index – which consists of the products: electricity, water, gasoline and diesel – was 15.1%. The food index showed an increase of 11.1%.
Subsistence level
The subsistence level for a household consisting of two (2) adults and two (2) children (aged 0-15 years) in January 2023 is Afl. 5,363, a decrease of Afl. 13 compared to December 2022 (Afl. 5,376). The subsistence level for a single adult household is Afl. 2,554, a decrease of Afl. 6 compared to December 2022 (Afl. 2,560).
Consumer Price Index
Over the last 12 months, the CPI increased by 6.6%. Ten (10) of the twelve (12) sectors registered increases in prices. The increases that had the greatest influence on the CPI were registered for the “Housing” (12.4%), “Food and non-alcoholic beverages” (12.8%), “Transport” (9.6%) and “Household operation” (8.5%) sectors, which contributed with an effect of 3.09, 1.41, 1.27 and 0.77 ppts, respectively. The increases in the remaining sectors had an effect of 0.95 ppts on the CPI of January 2022 – January 2023.
Aforementioned increases were partially offset by decreases in the indices for the “Communications” (-6.8%) and “Clothing and footwear” (-11.0%) sectors, causing an effect of -0.57 and -0.30 ppts, respectively.
The increase in the “Housing” sector was mainly due to increases in the categories “Electricity, gas and other fuels” (23.0%) and “Water supply and miscellaneous services relating to the dwelling” (19.0%), which contributed to an effect of respectively, 1.75 and 0.89 ppts. The increase in the “Food and non-alcoholic beverages” sector was mainly due to an increase in the category “Food” (12.8%), which contributed to an effect of 1.24 ppts. The increase in the “Transport” sector was mainly due to increases in the categories “Purchase of vehicles” (16.4%) and “Operation of personal transport equipment” (6.1%), which contributed to an effect of 0.75 and 0.50 ppts, respectively. The increase in the “Household operation” sector was mainly due to increases in the categories “Furniture, furnishings, carpets and other floor coverings” (35.0%) and “Goods and services for routine household maintenance and cleaning” (5.0%), which contributed to an effect of 0.31 and 0.21 ppts, respectively.
The decrease in the “Communications” sector was mainly due to a decrease in the category “Telephone and telefax services” (-6.6%), which contributed to an effect of -0.53 ppts. The decrease in the “Clothing and footwear” sector was mainly due to a decrease in the category “Clothing” (-12.3%), which contributed to an effect of -0.26 ppts.
Consumption basket
Over the last year 69.4% of the products in the consumtion basket had an increase in price, causing an effect of 8.54 ppts, while 23.8% showed a decrease, contributing to an effect of -1.92 ppts and the remaining 6.9% had no change in price. The prices of goods increased by 10.3% and caused an influence of 5.96 ppts. The prices of services showed an increase of 1.6% and had an influence of 0.66 ppts.
Subsistence level
Over the last 12 months, the subsistence level for a household consisting of two (2) adults and two (2) children (aged 0-15 years) registered an increase of Afl. 443, from Afl. 4,920 in January 2022 to Afl. 5,363 in January 2023. This increase was mainly due to increases in the “Food and non-alcoholic beverages” (Afl. 254) and “Housing” (Afl. 181) sectors.
