Food prices in Antigua and Barbuda saw a slight decline in October 2024 compared to the previous month, though year-on-year inflation remains a concern, according to the latest Consumer Price Index (CPI) report.
The overall Food Index dropped by 0.3% in October, following a 1.1% increase in September. Key food categories, including fish and seafood (-2.6%), meat and meat products (-1.5%), and vegetables (-1.6%), recorded notable declines.
In contrast, the Bread and Cereals Index rose by 2.3%, rebounding from a marginal drop in the previous month.
Despite the short-term decrease, food prices remain higher than a year ago. The Food Index recorded a 3.1% annual increase, with significant hikes in staples such as milk, cheese, and eggs, which rose by 13.9%.
The cost of eggs surged 16.6%, with a dozen eggs now averaging EC$16.08, up from EC$13.79 a year ago. Similarly, the Bread and Cereals Index climbed 9.3% over the year.
The CPI report also highlighted broader economic inflation trends, with the overall inflation rate standing at 5.3% for the twelve months ending in October, down slightly from 5.6% recorded in September.
While food prices contributed to the rise, the highest annual increase came from the Restaurants and Hotels sector, up 20.9%, driven by steep rises in meal prices, including fried chicken and fries (+35.4%) and meal lunches (+32.6%).
Meanwhile, the cost of transport services plummeted by 20.3% over the year, with airfares to Miami, New York, and the UK dropping significantly. The Clothing and Footwear Index also declined by 3.7% over the past year.
As inflation continues to impact household expenses, the fluctuations in food prices will be closely watched in the coming months.
Authorities have yet to announce any policy measures to address rising costs, but consumers remain concerned about the increasing strain on their budgets.
