Inflation Rate Decreases

THE inflation rate has decreased for the period January to April compared to its last comparative period.

The Central Statistical Office (CSO) released its Index of Retail Prices on Monday and stated that the Inflation Rate for April 2023 (measured as the percentage change in the average All Items Index for the period January to April 2023/January to April 2022) was 7.3%. 

This represents a decrease from 7.8% which was recorded in the previous period (January to March 2023/January to March 2022). 

The inflation rate for the comparative period (January to April 2022/January to April 2021) was 4.3%, the CSO stated.

Additionally, the All Items Index of Retail Prices calculated from the prices collected for the month of April 2023 was 122.8, representing no change above or below the Index (All Items) for March 2023.

The CSO stated, “The Index for Food and Non-Alcoholic Beverages decreased from 146.1 in March 2023 to 144.5 in April 2023, reflecting a decrease of 1.1%. Contributing significantly to this decrease was the general downward movement in the prices of pumpkin, melongene, hot peppers, ochroes, tomatoes, grapes, carrots, pimento, table margarine and chives. 

“However, the full impact of these price decreases was offset by the general increases in the prices of chilled or frozen beef, fresh beef, chilled or frozen pork, onions, cheddar cheese, eddoes, whole fresh chickens, fresh steak, celery and carbonated soft drinks.”

A further review of the data for April 2023 compared with March 2023 reflected an increase in the sub-index for:

There was a decrease in the sub-index for Food and Non-Alcoholic Beverages of 1.1%, Clothing and Footwear of 1.6% and Housing, Water, Electricity, Gas and Other Fuels of 0.6%. 

All other sections remained unchanged, the CSO stated.