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Haiti - Economy : A new index of consumer prices more efficient
30/11/2018 09:45:53

The Haitian Institute of Statistics and Informatics (IHSI) to take into account, among other things, the changes in the household consumption structure, to improve calculation methods by following the latest international standards and recommendations in this area, changd the base 100 Consumer Price Index (CPI) from 2004 to a new base 100 index, 2017-2018, which will better reflect the evolution of inflation in Haiti. This work has been done with the technical support of the International Monetary Fund (IMF).

Harry Salomon, Director of Economic Statistics explained the choice of the 2017-2018 period as a baseline "It was decided to use fiscal year 2017/2018 as the base period of the new index, because it is at this point the price collection for the new products of the consumption basket has started. It is therefore not possible to reliably recalculate the index according to the new methodology in the new nomenclature for the periods preceding fiscal year 2018, since the prices for certain items are not available [...]".

"The 2012 Survey of Household Living Conditions after the 2012 earthquake was the main source for determining the new weights. These are based on both monetary and non-monetary expenditures, including household production for their own consumption in urban and rural areas. Prices are collected regularly in 9 neighborhoods in the metropolitan area and in 36 provincial towns, in public markets, supermarkets, grocery stores, specialty shops, restaurants and shops.

The consumption basket of the new CPI includes 156 items produced, compared to 140 in the base 100 CPI in August 2004, distributed among the 12 divisions of the International Classification of Individual Consumption Functions Classification of Individual Consumption According to Purpose (COICOP). For each position, one or more specific varieties are selected to represent the position. With the transition to the new base, the list of monitored varieties has been updated from 287 to 350 varieties in the new index."

The new IPC index base 100, 2017-2018 will apply from the publication of October 2018.

HL/ HaitiLibre