Consumer Price Index for 1st Quarter 2023
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Increase in the Consumer Price Index (CPI) from 127.1 in December 2022 to 131.1 in March 2023. The net increase in the CPI was 4.0 points, which represents a percentage increase of 3.2%.
On a monthly basis, the CPI increased by 1.4 points in January, 2.0 points in February and 0.6 points in March.
The net increase of 4.0 points in the CPI from December 2022 to March 2023 could be due to several factors such as an increase in the prices of goods and services, changes in consumer demand, and changes in supply conditions. An increase in the CPI could lead to an increase in the cost of living for households, which could affect their purchasing power and standard of living.
The CPI is a measure of the average change in prices over time of goods and services purchased by households. An increase in the CPI suggests that the cost of living has increased, as it indicates that the prices of goods and services have increased.
The main contributors for the net increase in CPI from December 2022 to March 2023 were:
(+0.1 point), fruits (+0.1 point) and other food products (+0.3 point), partly offset by lower prices of powdered milk (-0.1 point) and cooking oil (-0.1 point);
(b) higher prices of cigarettes (+0.2 point), whisky (+0.1 point) and, beer and stout (+0.1 point);
(c) higher electricity rates (+0.5 point), higher workman’s wages (+0.1 point) and higher interest rates on housing loan (+0.1 point);
(d) higher charges for domestic services (+0.1 point) and higher prices of furniture (+0.1 point);
(e) higher doctors’ fees (+0.2 point);
(f) higher prices of motor vehicles (+0.1 point);
(g) higher university fees in private institutions (+0.1 point);
(h) higher medical insurance (+0.1 point), higher prices of goods for personal care (+0.1 point) and, other goods and services (+0.3 point).
The headline inflation rate excluding “Alcoholic beverages and tobacco » for the twelve months ending March 2023 worked out to 11.4%, compared to 5.7% for the twelve months ending March 2022.
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