The All Items Index rose 5.3% for the twelve months ending October 2024, lower than 5.6% for the twelve months ending September 2024. The All Items Less Food and Energy rose 5.5% over the same period.
The Food Index increased by 3.1% over the last year. The index for Milk, Cheese, and Eggs rose 13.9% as the indexes for Eggs and Egg-Based Products and Preserved Milk and Other Milk Products increased 16.6% and 16.2% respectively. The average cost of a dozen eggs rose from $13.79 to $16.08, its highest increase. The Index for Bread and Cereals increased 9.3% over the same period while the index for Food Products NEC rose 5.7%.
The All Items Less Food and Energy index rose 5.5 % over the past twelve months. The index for Restaurants and Hotels increased by 20.9% with the sub-index Restaurants Services whatever the type of Establishment increasing by 20.9%. The increase was atrributed to increases in the indexes for for Fried Chicken and Fries(35.4%), Meal lunches (32.6%) and Pizza (23.8%).
The index for Miscellaneous Goods and Services rose 22.0% over the same period. Other indexes that increased in October include Communication (+11.9%), Alcoholic Beverages and Tobacco and Narcotics 11.2% and Health (+10.3%). In contrast, the index for Transport Services fell 20.3% in October with declines in the average price of air fares to Miami (-41.3%) , New York ( -27.7%) and United Kingdom (-12.4%). The index of Clothing and Footwear declined by 3.7% over the same twelve months.
The overall Food index fell by 0.3%, following a 1.1% increase in September. Out of nine food group indexes, four experienced declines within the month with three of those decreasing by more than one percent.
The largest decrease was in the Fish and Seafood index, which dropped by 2.6%. Other notable declines included Meat and Meat Products (-1.5%) and Vegetables (-1.6%). In contrast, the index for Bread and Cereals rose by 2.3%, recovering from a slight decline of 0.1% in the previous month. Additionally, the Food Products Not Elsewhere Classified (NEC) index increased by 1.6%.
The index for All Items Less Food and Energy fell by 1.8%. This overall decline was mainly driven by two categories: Transportation Services and Clothing and Footwear. The index for Transportation Services plummeted by 29.6%, while Clothing and Footwear also contributed significantly with a decrease of 1.8%. Conversely, the indexes for Health and Restaurants and Hotels increased, rising by 9.8% and 4.7% respectively.
What is the consumer price index (CPI) measuring and how is it done?
The All Items Consumer Price Index (CPI) is the main measure of what is commonly called inflation, or headline inflation. It 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.
Prices are collected monthly and quarterly from supermarkets and other suppliers of goods and services. The pattern of household expenditure on these goods and services is derived from a regular household budget (or expenditure) survey (HBS). The prices and spending patterns (known as weights) are then combined to calculate the price indices for groups of goods and services and for the All Items index. These indices are based on expenditure patterns in 2006.
The All Items (or overall) index, with all of its twelve (12) component indices, is published each month.
For a detailed account of the methodology used in calculating the CPI, please call the Statistics Division.
Copies of the CPI for Oct 2024 can be accessed on the Division’s official website www.statistics.gov.ag
