The Central Bureau of Statistics presents the most important findings for the Consumer Price Index (CPI) for the month of December 2022.
Change in prices of crude oil, utilities, gasoline and diesel in December 2022
The prices of utilities (electricity and water), gasoline and diesel are for the greater part determined by international crude oil prices. In December 2022 the average price per barrel of crude oil (US$ 76.80) had a decrease of US$ 8.28 (-9.7%) compared to November 2022 (US$ 85.08).
The prices of electricity and water did not change compared to November 2022. Subsequently, the average electricity price per household remained at Afl. 294.56, while the average price of water per household remained at Afl. 168.73.
In December 2022 the price of gasoline registered a decrease of Afl. 17.70 cents (-6.6%) and had an effect of -0.34 ppts on the CPI. The price of diesel registered a decrease of Afl. 23.80 cents (-8.4%) and had an effect of -0.04 ppts on the CPI of December 2022.
In December 2022, utilities, gasoline and diesel as a group, showed a decrease in price of 2.1% compared to November 2022, and had an influence of -0.38 ppts on the CPI, while the remaining 404 goods and services, as a group, show an increase of 0.3% and had an effect of 0.27 ppts on the CPI.
Change in prices of Food & catering services in December 2022
The “Food & catering services” index showed an increase of 1.0% in December 2022, after an increase of 1.4% in November 2022. The index for “Food at home” showed an increase of 0.6% in December, as nine (9) of the eleven (11) “Food at home” indices increased in December 2022. The “Bread and cereals” index registered the largest increase (2.2%) in December 2022. Furthermore, other significant increases were posted in the indices for “Fruit” (1.4%), “Food products n.e.c.” (0.9%), “Sugar, jam, honey and other confectionery” (0.6%) and “Vegetables” (0.6%). The only two decreases were registered in the indices for “Potatoes and other tubers” (-2.5%) and “Meat” (-0.2%) in December 2022.
The index for “Food away from home” increased by 1.9% in December 2022.
In December 2022, “Food at home” and “Food away from home” as a group showed an increase in price of 1.0% compared to November 2022, and had an effect of 0.16 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 -0.27 ppts on the CPI.
The subsistence level in December 2022
The subsistence level is the minimum level of income which is perceived necessary to achieve an adequate standard of living in a given country. The subsistence level is usually determined by estimating the cost of all the essential resources that an average adult consumes in one month or year. This is commonly called a basic needs index, and varies according to the price of food, clothing, housing, transport and other items in the “basket”. Equivalent scales are used to adjust the assumed standard of living, of households of different sizes and composition.
The scale assigns a weight of 1.0 for the first adult and 0.5 for each additional adult in the household (aged 15+) and a weight of 0.3 for each child (aged 0-14 years). The subsistence level is based on figures of the report “Bestaansminimum 2010” published by the CBS in December 2010 and is monthly updated for inflation using the monthly CPI. The reference unit used in this report is a household consisting of two (2) adults and two (2) children (aged 0-14 years).
