​​Consumer Price Index - Year 2023

Highlights

   1.  The Consumer Price Index, which stood at 127.1 in December 2022, registered a net increase of 4.9 points (or +3.9%) to reach 132.0 in December 2023. The main reasons for the net increase in CPI during the year 2023 were:

•           - higher prices of vegetables, fish, culinary herbs, meat, fruits, frozen semi-prepared foods and some other food products;
•           - higher prices of cigarettes, beer and stout and, rum and other cane spirits;
•           - higher prices of ready-made clothing and footwear;
•           - higher electricity rates and higher workman's wages;
•           - higher charges for domestic services and higher prices of furniture and, washing materials and softeners;
•           - higher doctor's fees and higher prices of medicinal products;
•           - higher prices of motor vehicles and diesel;
•           - higher prices of audio-visual equipment;
•           - higher university fees in private institutions;
•           - higher prices in prepared foods and higher expenditure in bar;
•           - higher medical insurance;
•           - higher prices of goods for personal care and, other goods and services;
             partly offset by
•           - lower prices of cooking oil and powdered milk;
•           - lower prices of gasolene.
   

   2.   The headline inflation rate worked out to 7.0% in year 2023, compared to 10.8% in year 2022.

3.    3.   The headline inflation rate excluding 'Alcoholic beverages and tobacco' worked out to 6.6% in year 2023 compared to 11.0% in year 2022.

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  Ministry of Finance, Economic Planning and Development

  17 January 2024

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