End-of-April year review shows overall increase of 6% in the Consumer Price Index, with a huge jump in Miscellaneous Goods and Services
The hike in the cost of living does not seem to be abating, as the All Items
Index for the period ending April 2024 shows a rise of 6.0 percent, according
to the most recent Consumer Price Index (CPI) report.
In its year-on-year-analysis, the Statistics Division notes that the April hike
was largely impacted by increases in the indexes for Miscellaneous Goods and
Services (+24.6%); Communication (+17.4%); and Food and Non-Alcoholic
Beverages (+6.1%).
All three groups are said to account for 80.5 percent of the overall All Item
Index increase.
The increase in the Miscellaneous Goods and Services Index was driven by
increases in the purchase of personal effects (+69.7%); social protection
(+67.6%); personal care (+29.3%); and insurance (+16.6%).
Officials explain that the increase in the Communication index was impacted
by hikes in the indexes for telephone and telefax equipment (+43.9%) and
telephone and telefax services (+4.5%).
On the other hand, the increase for the Food and Non-Alcoholic Beverages
Index was driven by the 5.6 percent increase in the Food Index – likely as a
result of the 2 percent added to the Antigua and Barbuda Sales Tax (ABST),
moving it from 15 to 17 percent.
Seven of the nine food sub-categories rose over the 12-month period, led by
the Vegetables Index, which accounts for 37.9 percent of food inflation.
According to officials, the Bread and Cereals Index increased 10.1 percent and
contributed 30.0 percent to food inflation, while the indexes for Meat and
Meat Products, Food Products N.E.C, and Fruit, when combined, contributed
20.4% of the Food Index increase.
Core Inflation (The All Items Index less Food and Energy) reportedly rose 6.5
percent – the result of increases in the indexes for Miscellaneous Goods and
Services (+24.6%); Communication (+ 17.4%); Housing Water, Electricity, Gas
and Other Fuels (3.2%); Restaurants and Hotels (+12.9%); and Alcoholic
Beverages (+6.5%).
Meanwhile, looking at April itself, the Monthly Consumer Price Index
increased in that month by 5.1 percent. This is attributed largely to an
increase of 20 percent in the index for Transport The Transport index was
affected by a 63.4% increase in the index for Passenger Transport by Air,
officials note.
Price increases were recorded for the destinations of St.Maarten, Barbados,
Miami, New York, and the United Kingdom.
The Food and Non-Alcoholic Beverages increased by 1.6 percent, in April, with
the index for Food also increasing by 1.6 percent.
The index for vegetables and bread and cereals increased by 5.3 percent and
4.7 percent, respectively. Notable decreases were fish and seafood (-3.8%)
and oil and fats (-1.7%), according to officials.
The index for All Items Less Food and Energy rose by 6.2 percent in April, and
this was influenced by increases in the indexes for Transport Services (+63.4);
Miscellaneous Goods and Services (+15.4%); Restaurants and Hotels (+4.6%);
and Recreation and Culture (+3.1%).
The All Items Consumer Price Index (CPI) is the main measure of what is
commonly called inflation, or headline inflation; and measures the change in
prices, on average – from month to month and from year to year – of the
goods and services bought by most households.
