Consumer Price Index, base period June 2019 – December 2022

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The Central Bureau of Statistics presents the most important findings for the Consumer Price Index (CPI) for the month of December 2022.

Consumer Price Index for the month of December 2022

The CPI for December 2022 is 106.37, a decrease of 0.1% compared to the index of November 2022 (106.49). The percentage change of the CPI over the last twelve (12) months (December 2021 to December 2022) is 5.7, an increase of 2.1 percentage points (ppts) compared to the percentage change for the same period of last year (3.6%).

The period average (last 24 months) percentage change of the CPI for the periods January 2021 to December 2021 and January 2022 to December 2022 is 5.5%, an increase of 4.8 ppts compared to the period average percentage change over the periods January 2020 to December 2020 and January 2021 to December 2021 (0.7%).

During this month, four (4) of the twelve (12) sectors registered decreases in prices. The decreases that had the greatest influence on the CPI were registered for the “Transport” (-2.2%) and “Household operation” (-3.2%) sectors, which contributed with an effect of -0.32 and -0.29 ppts, respectively. The decreases in the remaining sectors had an effect of -0.03 ppts on the CPI of December 2022.

Aforementioned decreases were partially offset mainly by increasesin the indicesfor the “Recreation and culture” (2.2%) and “Restaurants and hotels” sectors, causing an effect of 0.21 and 0.13 ppts. The increases in the remaining sectors had an effect of 0.19 ppts on the CPI of December 2022. The decrease in the “Transport” sector was mainly due to a decrease in the category “Operation of personal transport equipment” (-3.8%), which contributed to an effect of -0.33 ppts. The decrease in the “Household operation” sector was mainly due to an increase in the category “Household appliances” (-9.0%), which contributed to an effect of -0.23 ppts.

The increase in the “Recreation and culture” sector was mainly due to an increase in the category “Holidays” (5.9%), which contributed to an effect of 0.16 ppts. The increase in the “Restaurants and hotels” sector was mainly due to an increase of 1.9% in the category “Catering services”, which contributed to an effect of 0.08 ppts.

Consumption basket

The consumption basket of the CPI consists of 408 goods and services. Compared to November 2022, 43.6% of these products had an increase in price, causing an effect of 0.93 ppts, while 39.5% showed a decrease, contributing to an effect of -1.04 ppts and the remaining 16.9% had no change in price. The prices of goods decreased by 0.8% and caused an influence of -0.50 ppts. The prices of services showed an increase of 1.0% and had an influence of 0.39 ppts on the CPI of December 2022.

Core inflation

The CPIC (core inflation) – CPI excluding the effect of energy and food – was 3.0% in December 2022. The energy index – which consists of the products: electricity, water, gasoline and diesel – was 14.2%. The food index showed an increase of 10.5%.

Subsistence level

The subsistence level for a household consisting of two (2) adults and two (2) children (aged 0-15 years) in December 2022 is Afl. 5,376, an increase of Afl. 469 compared to December 2021 (Afl. 4,907). The subsistence level for a single adult household is Afl. 2,560, an increase of Afl. 23 compared to December 2021 (Afl. 2,337).

Consumer Price Index

Over the last 12 months, the CPI increased by 5.7%. Nine (9) of the twelve (12) sectors registered increases in prices. The increases that had the greatest influence on the CPI were registered for the “Housing” (12.1%), “Transport” (11.2%), “Food and non-alcoholic beverages” (13.3%) and “Restaurants and hotels” (8.7%) sectors, which contributed with an effect of 2.98, 1.48, 1.45 and 0.40 ppts, respectively. The increases in the remaining sectors had an effect of 0.42 ppts on the CPI of December 2021 – December 2022. Aforementioned increases were partially offset by decreases in the indices for the “Communications” (-8.1%) and “Household operation” (-3.4%) sectors, causing an effect of -0.68 and -0.32 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, 1.74 and 0.89 ppts. The increase in the “Transport” sector was mainly due to increases in the categories “Purchase of vehicles” (21.3%) and “Operation of personal transport equipment” (6.2%), which contributed to an effect of 0.93 and 0.52 ppts, respectively. The increase in the “Food and non-alcoholic beverages” sector was mainly due to an increase in the category “Food” (13.5%), which contributed to an effect of 1.31 ppts. The increase in the “Restaurants and hotels” sector was mainly due to an increase in the category “Food and beverage consumption outside the home” (8.0%), which contributed to an effect of 0.36 ppts.

The decrease in the “Communications” sector was mainly due to a decrease in the category “Telephone and telefax services” (-7.8%), which contributed to an effect of -0.63 ppts. The decrease in the “Household operation” sector was due to a decrease in the category “Household appliances” (-9.4%), which contributed to an effect of -0.25 ppts.

Consumption basket

Over the last year 64.0% of the products in the consumtion basket had an increase in price, causing an effect of 7.81 ppts, while 24.8% showed a decrease, contributing to an effect of -2.08 ppts and the remaining 11.3% had no change in price. The prices of goods increased by 9.3% and caused an influence of 5.34 ppts. The prices of services showed an increase of 0.9% and had an influence of 0.39 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. 469. This increase was mainly due to increases in the “Food and non-alcoholic beverages” (Afl. 262) and “Housing” (Afl. 176) sectors.

Change in prices of crude oil, utilities, gasoline and diesel

The average price per barrel of crude oil registered an increase of US$ 5.39 (7.5%) from US$ 71.41 in December 2021 to US$ 76.80 in December 2022.

The average price per barrel of the WTI crude oil (US$ 95.14) for the year 2022 shows an increase of US$ 27.36 (40.4%) compared to the average price for the year 2021 (US$ 67.78).

The energy index increased by 17.6% over the past 12 months. The indices of “Gasoline” and “Diesel” registered increases of respectively, 5.2% and 29.0% over the last year, contributing together with an effect of 0.35 ppts. The indices of “Electricty” and “water” registered increases of respectively, 22.7% and 23.1% over the last year, contributing together with an effect of 1.65 and 0.84 ppts, respectively. The remaining 404 goods and services, as a group, show an increase of 3.4% and had an effect of 2.89 ppts on the CPI.

Change in prices of Food & catering services

Over the last 12 months, the “Food & catering services” increased by 11.7%. The “Food at home” index showed an increase of 13.3%, where all of the “Food at home” food groups increased over the period. The “Milk, cheese and eggs” index increased by 17.3%, the largest increase among the “Food at home” food groups. Furthermore, other significant increases were posted in the indices for “Potatoes and other tubers” (15.6%), “Meat” (15.3%), “Bread and cereals” (14.9%), “Oils and fats” (14.3%), “Fish and other seafood” (13.6%), “Non-alcoholic beverages” (11.6%), “Sugar, jam, honey and other confectionery” (10.5%) and “Vegetables” (10.4%).

The index for “Food away from home” increased by 8.0% over the last 12 months.