The Central Statistical Office is pleased to announce the release of the Index of Retail Prices for the month of January 2023.
Index of Retail Prices
The All Items Index of Retail Prices calculated from the prices collected for the month of January 2023 was 123.6, representing an increase of 0.3 points or 0.3% above the Index (All Items) for December 2022 as shown in the table attached.
The Index for Food and Non-Alcoholic Beverages increased from 149.0 in December 2022 to 150.3 in January 2023, reflecting an increase of 0.9%. Contributing significantly to this increase was the general upward movement in the prices of chilled or frozen beef, fresh beef, pumpkin, chilled or frozen pork, fresh carite, fresh whole chickens, hot peppers, pimentos, table margarine and evaporated milk. However, the full impact of these price increases was offset by the general decreases in the prices of cucumbers, celery, tomatoes, ochroes, lettuce, chives, other fresh goat, bodi, mixed fresh seasoning and patchoi.
A further review of the data for January 2023 compared with December 2022 reflected an increase in the sub-index for Alcoholic Beverages and Tobacco of 1.5%, Health of 0.6%, Recreation and Culture of 3.7%, Hotels, Cafes and Restaurants of 1.4% and Miscellaneous Goods and Services 1.5%. A decrease in the sub-index for Clothing and Footwear 0.7%, Housing, Water, Electricity, Gas and Other Fuels 0.8%, Furnishings and Household Equipment 1.7%, Transport 0.1%. All other sections remained unchanged.
Inflation Rate
The Inflation Rate for January 2023 (measured as the percentage change in the average All Items Index for the period January 2023/January 2022) was 8.3%. This represents an increase from 5.8% which was recorded in the previous period (January to December 2022/January to December 2021). The Inflation Rate for the comparative period (January 2022/January 2021) was 3.8%.
