The Central Bureau of Statistics presents the most important findings for the Consumer Price Index (CPI) for the month of August 2021.

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Consumer Price Index for the month of August 2021

The CPI for August 2021 is 98.84, an increase of 0.3% compared to the index of July 2021 (98.53) and accumulating an increase of 1.8% up to and including August of this year. The percentage change of the CPI over the last twelve (12) months (August 2020 to August 2021) is 1.4, an increase of 3.9 percentage points (ppts) compared to the percentage change for the same period of last year (-2.5%). The period average percentage change of the CPI for the period August 2020 – August 2021 is -1.1%, a decrease of 2.0 ppts compared to the period average percentage change over the period August 2019 – August 2020 (0.9%). 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” (1.7%) and “Restaurants and hotels” (0.9%) sectors, which contributed with an effect of 0.15 and 0.13 ppts, respectively. The increasesin the remaining sectors had an effect of 0.34 ppts on the CPI of August 2021. Aforementioned increases were mainly partially offset by decreases in the indices for the “Housing” (-0.6%) and “Clothing and footwear” (-3.6%) sectors, causing an effect of -0.15 and -0.09 ppts, respectively. The decreases in the remaining sectors had an effect of -0.07 ppts on the CPI of August 2021. The increase in the “Household operation” sector was mainly due to increases in the categories “Tools and equipment for house and garden” (16.9%) and “Furniture, furnishings, carpets and other floor coverings” (8.0%), which contributed to an effect of 0.10 and 0.08 ppts, respectively. The increase in the “Restaurants and hotels” sector was mainly due to an increase in the category “Accommodation services” (150.4%), which contributed to an effect of 0.09 ppts. The decrease in the “Housing” sector was mainly due to a decrease in the category “Maintenance and repair of the dwelling” (-2.7%), which contributed to an effect of -0.15 ppts. The decrease in the “Clothing and footwear” sector was mainly caused by a decrease of 3.8% in the category “Clothing”, 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 July 2021, 46.6% of these products had an increase in price, causing an effect of 1.27 ppts, while 37.7% showed a decrease, contributing to an effect of -0.95 ppts and the remaining 15.7% had no change in price. The prices of goods increased by 0.4% and caused an influence of 0.23 ppts. The prices of services showed an increase of 0.2% and had an influence of 0.09 ppts on the CPI of August 2021.

Core inflation

The CPIC (core inflation) – CPI excluding the effect of energy and food – was 0.2% in August 2021. The energy index – which consists of the products: electricity, water, gasoline and diesel – was 0.6%. The food index showed an increase of 0.7%.

Subsistence level

The subsistence level for a household consisting of two (2) adults and two (2) children (aged 0-15 years) in August 2021 is Afl. 4,817, an increase of Afl. 36 compared to August 2020 (Afl. 4,781). The subsistence level for a single adult household is Afl. 2,294, an increase of Afl. 18 compared to August 2020 (Afl. 2,276).

Change in prices of crude oil, utilities, gasoline and diesel in August 2021

The prices of utilities (electricity and water), gasoline and diesel are for the greater part determined by international crude oil prices. In August 2021 the average price per barrel of crude oil (US$ 67.62) had a decrease of US$ 4.99 (-6.9%) compared to July 2021 (US$ 72.61). The prices of electricity and water did not change compared to July 2021. Subsequently, the average electricity price per household remained at Afl. 240.09, while the average price of water per household remained at Afl. 137.05. In August 2021 the price of gasoline registered an increase of Afl. 5.00 cents (2.2%) and had an effect of 0.10 ppts on the CPI. The price of diesel registered an increase of Afl. 0.60 cents (0.3%) and had an insignificant effect on the CPI of August 2021. In August 2021, utilities, gasoline and diesel as a group showed an increase in price of 0.6% compared to July 2021, and had an influence of 0.11 ppts on the CPI, while the remaining 404 goods and services, as a group, show an increase of 0.2% and had an effect of 0.21 ppts on the CPI.

Change in prices of Food & catering services in August 2021

The “Food & catering services” index showed an increase of 0.7% in August 2021, after an increase of 0.7% in July 2021. The index for “Food at home” showed an increase of 0.6% in August, as nine (9) of the eleven (11) “Food at home” indices increased in August 2021. The “Potatoes and other tubers” index registered the largest increase (6.2%) in August 2021. Furthermore, increases were posted in the indices for “Oils and fats” (5.3%), “Fish and other seafood” (2.2%), “Vegetables” (0.9%) and “Milk, cheese and eggs” (0.8%). The “Fruit” (-1.1%) index registered the largest decrease in August 2021. Furthermore, a decrease was posted in the index for “Non-alcoholic beverages” (-0.2%). Over the last twelve (12) months, the “Food & catering services” has increased by 0.9%. The “Food at home” index showed an increase of 0.4%. The “Oils and fats” index increased by 4.2%, the largest increase among the “Food at home” food groups, while the “Vegetables” index decreased by 5.8%, the largest decrease among the “Food at home” food groups. The index for “Food away from home” increased by 0.7% in August 2021 and has increased by 2.0% over the last twelve (12) months. In August 2021, “Food at home” and “Food away from home” as a group showed an increase in price of 0.7% compared to July 2021, and had an effect of 0.10 ppts on the CPI, while the remaining goods and services, as a group, experienced an increase in price of 0.3%, causing an effect of 0.21 ppts on the CPI.