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Haiti - Economy : Inflation explodes Government forecasts
08/07/2022 08:00:10

Haiti - Economy : Inflation explodes Government forecasts
The General Consumer Price Index (CPI, 100 in 2017-2018) https://www.haitilibre.com/en/news-26268-haiti-economy-a-new-index-of-consumer-prices-more-efficient.html) rose to 215.6 in May 2022 from 211.6 the previous month.

This results in a one-month variation of +1.9% or +27.8% year-on-year against respectively +1.6% and +26.7% the previous month https://www.haitilibre.com/en/news-36842-haiti-economy-inflation-in-stront-increase-267-highest-for-19-years.html

It should be recalled that in its framework letter for the amending budget for the second half of the 2021-2022 fiscal year, the Government based its forecasts on an inflation rate of 27.3% year-on-year by October 1 next (forecast already exceeded).

Download the framework letter (PDF) : https://www.haitilibre.com/docs/lettre-cadrage-du-projet-de-budget-2021-2022.pdf

The monthly increase observed in May 2022 is mainly the result of the behavior of the following consumption indices :

"Food products and non-alcoholic beverages": +2.1% over one month or 29.1% over one year;
"Clothing and footwear": +2.6% over one month or 30.8% over one year;
"Furniture, household items and routine household maintenance" +2.5% over one month or 27.0% over one year);
"Health": +2.4% over one month or 25.6% over one year;

"Miscellaneous goods and services" 2.1% over one month and 27.2% over one year.
Products with more pronounced annual inflation:

Food:
Rice (on average 44.1%), fresh fish (50.6%), herring on average (44.5%), milk powder (43.4%), edible oil (81.5%), refined sugar (37.4%) and tomato paste (27.4 %).

Clothing and footwear:
Dress (40.8%), shirt (35.5%), and pants for men (31.1%).

"Furniture, household items and routine household maintenance":

Living room furniture (36.9%), dining room (46.3%), generator (38.3%), refrigerator (34.0%) and insecticide (23.2%).
Health:
Medicines (on average 28.2%) and glasses with corrective lenses (24.3%) and hospitalization costs (15.5%).

Miscellaneous goods and services:
Toilet soap (44.4%), toothpaste (44.4%), toothpaste 44.2% and men's pants (29.0%).

A more significant rise in prices was observed at the level of imported products, ie 40.0% year-on-year against 21.0% for local products.

Consumer Price Index for the whole country by consumption function:

General index: +27.8% over one year and +1.9% for the month of May 2022

Food and non-alcoholic beverages: month +2.1%, year +29.1%
Alcoholic beverages and tobacco: month (+1.5%) , year (+15.7)%
Clothing and footwear: month +2.6%, year +30.8%
Housing, water, gas, electricity and other fuels: month +1.1%, year +29.1%
Furniture, household items and routine household maintenance: month +2.5%, year +27.0%
Health: month +2.4%, year +25.6%
Transport: month +0.9%, year +31.8%
Communication: month +1.3%, year +7.3%
Leisure: month +1.4%, year +15.4%
Education: month (), year +7.9%
Restaurants: month +1.9%, year +36.6%
Miscellaneous goods and services: month +2.1%, year 27.2%

Annual change in the CPI (inflation):

Overall CPI: 2021 16.0%; May 14.5%; June 12.7%; July 12.3%; August 10.9%; September 13.1%; October 19.7%; November 24.6%; December 24.7% 2022 January 24.0%; February 25.2%; March 25.9%; April 26.7%; May 27.7

CPI for Local Products: 2021 May 14.1%; 15.7; June 11.8%; July 10.8%; August 9.3%; September 10.9%; October 16.2%; November 20.4%; December 19.7% 2022 January 19.1%; February 20.2%; March 20.2%; April 20.5%; May 21.0%

CPI of Imported Products: 2021 May 15.4%; June 14.2%; July 14.9; August 13.8%; September 17.1%; October 26.1; November 32.3%; December 33.7% 2022 January 33.0%; February 34.2%; March 36.2%; April 38.0%; May: 40.0%

CPI by geographic region:

The most significant variations in the month of May 2021 concern the: South (29.8%), Rest West (29.0%) and Metropolitan Area (27.6%).

Metropolitan area: year +27.6% (+2.0% over 1 month)
(Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet);

Rest West: year +29.0% (+1.7% over 1 month)
(South-East and West Departments without the metropolitan area);

North: year +26.8% (+1.9% over 1 month)
(North, North East and North West Department);

South: year +29.8% (+2.0% over 1 month)
(Department of the South, Grande-Anse and Nippes);

Transversal: year +26.5% (+1.8% over 1 month)
(Department of Center and Artibonite).

See also :
https://www.haitilibre.com/en/news-36842-haiti-economy-inflation-in-stront-increase-267-highest-for-19-years.html

HL/ HaitiLibre

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