Highlights

1.      The Consumer Price Index, which stood at 113.3 in December 2021, registered a net increase of 13.8 points (or +12.2%) to reach 127.1 in December 2022. The main reasons for the net increase in CPI during the year 2022 were:

•            -  higher prices of meat, vegetables, powdered milk, cooking oil, trader's rice, fish, fruits, milk preparations, frozen semi-prepared foods, biscuits, sugar, eggs, pulses, some other prepared foods, soft drinks, ice cream and sweets, cheese and other food products;
•            -  higher prices of cigarettes, beer and stout, rum and other cane spirits, and wine;
•            -  higher prices of ready-made clothing;
•            -  higher interest rates on housing loan, higher workman's wages; higher prices of cooking gas and, materials for maintenance and repair of dwellings;
•            -  higher prices of washing materials and softeners, major household appliances and furniture;
•            -  higher doctor's fees;
•            -  higher bus fares, taxi fares and motor vehicles servicing charges; higher prices of gasolene, motor vehicles, diesel and air tickets;
•            -  higher prices of stationery;
•            -  higher expenditure in bar; higher prices of prepared foods, cakes and snacks and, soft drinks in restaurants;
•            -  higher prices of goods for personal care and, other goods and services;
•            -  partly offset by
•            -  lower electricity rates.
  
  
• 2.      The headline inflation rate increased from 4.0% in year 2021 to 10.8% in year 2022.
  

3.      The headline inflation rate excluding 'Alcoholic beverages and tobacco' increased from 3.7% in year 2021 to 11.0% in year 2022.

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  Ministry of Finance, Economic Planning and Development

  16 January 2023