The Central Bureau of Statistics presents the most important findings for the Consumer Price Index (CPI) for the month of May 2022.06.22
Consumer Price Index for the month of May 2022
The CPI for May 2022 is 102.49, an increase of 0.3% compared to the index of April 2022 (102.16)
and accumulating an increase of 1.9% up to and including May of this year. The percentage change of the CPI over the last twelve (12) months (May 2021 to May 2022) is 5.2, an increase of 5.4 percentage points (ppts) compared to the percentage change for the same period of last year (-0.2%).
The period average (last 24 months) percentage change of the CPI for the periods May 2020 to May
2021 and May 2021 to May 2022 is 3.0%, an increase of 5.2 ppts compared to the period average percentage change over the periods May 2019 to May 2020 and May 2020 to May 2021 (-2.2%). During this month, eight (8) of the twelve (12) sectors registered increases in prices. The increases that had the greatest influence on the CPI were registered for the “Food and non-alcoholic beverages” (1.4%), “Health” (6.8%) and “Clothing and footwear” (5.0%) sectors, which contributed with an effect of 0.16, 0.14 and 0.12 ppts, respectively. The increases in the remaining sectors had an effect of 0.13 ppts on the CPI of May 2022.
Aforementioned increases were partially offset mainly by a decrease in the index for the “Recreation and culture” (-1.4%) sector, causing an effect of -0.13 ppts. The decreases in the remaining sectors had an effect of -0.09 ppts on the CPI of May 2022.
The increase in the “Food and non-alcoholic beverages” sector was mainly due to an increase in the category “Food” (1.5%), which contributed to an effect of 0.15. The increase in the “Health” sector was mainly due to an increase in the category “Medical products, appliances and equipment” (9.3%), which contributed to an effect of 0.12 ppts. The increase in the “Clothing and footwear” sector was mainly due to an increase in the category “Clothing” (5.5%), which contributed to an effect of 0.11.
The decrease in the “Recreation and culture” sector was mainly due to a decrease in the category “Holidays” (-4.8%), which contributed to an effect of -0.14 ppts.
Consumption basket
The consumption basket of the CPI consists of 408 goods and services. Compared to April 2022, 52.2% of these products had an increase in price, causing an effect of 0.89 ppts, while 29.2% showed a decrease, contributing to an effect of -0.57 ppts and the remaining 18.6% had no change in price. The prices of goods increased by 0.8% and caused an influence of 0.49 ppts. The prices of services showed a decrease of 0.4% and had an influence of -0.16 ppts on the CPI of May 2022.
Core inflation
The CPIC (core inflation) – CPI excluding the effect of energy and food – was 1.7% in May 2022. The energy index – which consists of the products: electricity, water, gasoline and diesel – was 8.7%. The food index showed an increase of 4.0%.
Subsistence level
The subsistence level for a household consisting of two (2) adults and two (2) children (aged 0-14 years) in May 2022 is Afl. 5,046, an increase of Afl. 294 compared to May 2021 (Afl. 4,752). The subsistence level for a single adult household is Afl. 2,403, an increase of Afl. 140 compared to May 2021 (Afl. 2,263).
Change in prices of crude oil, utilities, gasoline and diesel in May 2022
The prices of utilities (electricity and water), gasoline and diesel are for the greater part determined by international crude oil prices. In May 2022 the average price per barrel of crude oil (US$ 109.31) had an increase of US$ 7.02 (6.9%) compared to April 2022 (US$ 102.29).
The prices of electricity and water did not change compared to April 2022. 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 May 2022 the price of gasoline registered a decrease of Afl. 2.00 cents (-0.7%) and had an effect of -0.04 ppts on the CPI. The price of diesel registered an increase of Afl. 14.50 cents (5.3%) and had an effect of 0.02 ppts on the CPI of May 2022.
In May 2022, utilities, gasoline and diesel as a group showed a decrease in price of 0.1% compared to April 2022, and had an influence of -0.02 ppts on the CPI, while the remaining 404 goods and services, as a group, show an increase of 0.4% and had an effect of 0.34 ppts on the CPI.
Change in prices of Food & catering services in May 2022
The “Food & catering services” index showed an increase of 1.1% in May 2022, after an increase of 1.2% in April 2022. The index for “Food at home” showed an increase of 1.4% in May, as ten (10) of the eleven (11) “Food at home” indices increased in May 2022. The “Milk, cheese and eggs” index
registered the largest increase (5.0%) in May 2022. Furthermore, other significant increases were posted in the indices for “Meat” (1.8%), “Fish and other seafood” (1.7%), “Potatoes and other tubers” (1.5%) and “Vegetables” (1.0%). The only decrease was registered in the index of “Oils and fats” (-0.1%).
Over the last twelve (12) months, the “Food & catering services” has increased by 8.5%. The “Food at home” index showed an increase of 9.7%, where all of the “Food at home” indices increased over the last year. The “Oils and fats” index increased by 21.0%, the largest increase among the “Food at home” food groups. Furthermore, other significant increases were posted in the indices for “Milk, cheese and eggs”
In May 2022, “Food at home” and “Food away from home” as a group showed an increase in price of 1.1% compared to April 2022, and had an influence of 0.17 ppts on the CPI, while the remaining goods and services, as a group, experienced an increase in price of 0.2%, causing an effect of 0.15 ppts on the CPI.
