Haiti - Economy : The cost of the food basket continues to increase

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Haiti - Economy : The cost of the food basket continues to increase
27/07/2018 09:35:33

In its latest Bulletin, the National Coordination of Food Security (CNSA), reveals that during the second quarter, the value of the food basket has increased by about 3% compared to the previous quarter and 8% compared to the second quarter of 2017. This rise is mainly attributable to higher prices for rice (+ 30%) and imported maize (+ 18%), as well as local rice.

The food basket considered in this analysis consists of 6 commodities (rice, wheat flour, maize, beans, sugar and vegetable oil). This survival basket mainly reflects the food consumption of the poorest households with low incomes.

The value of the basket per person rose from 1,266 Gourdes in March to 1,305 Gdes, in April to 1,300 Gdes and in May to 1,293 Gdes, a total increase of 3% compared to the previous quarter.

Over 12 months, the value of the basket rose respectively by + 12% in April, + 6% in May and + 6.4% in June, an average increase of 8% for the 2nd quarter of the year.

Year-on-year (2nd quarter of 2018 compared to the 2nd quarter of 2017), prices vary between + 5% and + 8% in all markets, except for the markets of Hinche and Port de Paix where the rise is particularly high, respectively + 22% and + 16%.

The CNSA believes that the higher price increase in Port-de-Paix could be linked to the poor state of road infrastructure and for the city of Hinche, it could be explained by the increase in customs fees set by the Government on products imported from the Dominican Republic.

On a quarterly basis (2nd quarter of 2018 compared with the first quarter), the value of the food basket increased from + 3% to + 7% in the various regional markets. The value of the basket remains higher in the markets of Ouanaminthe (1,444 Gourdes), [increase of customs duties], Cap-Haïtien (1,390 Gdes) and Jacmel (1,364 Gdes).

The CNSA reminds that the main factor that determines the cost of the food basket is the price of cereals, which represent about 2/3 of the energy consumed per day by the poorest households. Prices of cereals (imported rice and maize, local rice) and pulses (imported beans) have increased more sharply year-on-year and quarterly. However, year-on-year (+ 12%) +20 to + 36% changes are larger than those in qoq + 4%. CNSA stresses that local rice had the largest variation, an increase of about + 36%.

HL/ HaitiLibre