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Haiti - FLASH : Inflation accelerates and reaches 29%
11/08/2022 08:55:39

Haiti - FLASH : Inflation accelerates and reaches 29%
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 220.4 in June 2022 against 215.6 the previous month, causing an increase over one month of +2.2% or 29.0% year-on-year, against +27.8% the previous month https://www.haitilibre.com/en/news-37101-haiti-economy-inflation-explodes-government-forecasts.html

Let's recall that in its framework letter for the amending budget for the second half of the 2021-2022 fiscal year, the Government had based its forecasts on an inflation rate of 27.3% year-on-year by October 1 next

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

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

"Food products and non-alcoholic beverages": +2.6% over one month or 29.1% over one year;
"Clothing and footwear": +2.8% over one month or 32.0% over one year;
"Furniture, household items and routine household maintenance" +2.6% over one month or 28.1% over one year);
"Health": +2.7% over one month or 25.9% over one year;

Products with more pronounced annual inflation :

Power:
Rice (on average 45.1%), millet (27.3%), fresh fish (54.8%), herring (44.1%), cod (29.4%), milk powder (45.8%), edible oil (88.4%), margarine of cooking (24.5%) and sugar on average (42.1%).

Clothing and footwear:
Manufacture of clothing (22.7%), dress (42.1%), suit, universal jacket (36.8%), shirt (37.8%), men's trousers (33.0%) and shoes and tennis (41.2%).

"Furniture, household items and routine household maintenance":
Living room furniture (38.7%), dining room (50.5%), bed (40.8%), mattress (47.4%), generator (43.6%), inverter (40.1%) and refrigerator (37.0%).

Health:
Medicines (28.0%) and glasses with corrective lenses (25.7%)

A higher price increase was observed at the level of imported products, i.e. 3.2 monthly and 41.7% year-on-year against 1.6% monthly and 21.8% year-on-year for local products.

Consumer Price Index for the whole country by consumption function:

General index: +29.0% over one year and +2.2% for the month of June 2022

Food and non-alcoholic beverages: month +2.6%, year +30.7%
Alcoholic beverages and tobacco: month (+1.7%) , year (+17.1)%
Clothing and footwear: month +2.8%, year +32.0%
Housing, water, gas, electricity and other fuels: month +1.2%, year +30.0%
Furniture, household items and routine household maintenance: month +2.8%, year +28.1%
Health: month +2.7%, year +25.9%
Transport: month +1.0%, year +32.7%
Communication: month +1.4%, year +8.3%
Leisure: month +1.8%, year +16.6%
Education: month (), year +7.9%
Restaurants: month +2.2%, year +33.1%
Miscellaneous goods and services: month +2.3%, year 28.0%

Annual change in CPI (inflation):

Overall CPI: 2021 16.0%; 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; June 29.0%

CPI for Local Products: 2021 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%; June 21.8%

CPI of Imported Products: 2021 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%; June 41.7

CPI by geographic region:

The most significant variations in May 2021 year-on-year concern the: South (31.4%), Rest West (29.8%) and Metropolitan Area (29.1%).

Metropolitan area: year +29.1% (+2.4% over 1 month)
(Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet);

Rest West: year +29.8% (+1.9% over 1 month)
(South-East and West Departments without the metropolitan area);

North: year +27.6% (+2.1% over 1 month)
(North, North East and North West Department);

South: year +31.4% (+2.5% over 1 month)
(Department of the South, Grande-Anse and Nippes);

Transversal: year +27.4% (+2.0% over 1 month)
(Department of Center and Artibonite).

See also :
https://www.haitilibre.com/en/news-37101-haiti-economy-inflation-explodes-government-forecasts.html

HL/ HaitiLibre

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