Haiti - FLASH : Inflation out of control reached 47.2% over one year - HaitiLibre.com : Haiti news 7/7





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Haiti - FLASH : Inflation out of control reached 47.2% over one year
20/12/2022 10:07:14

Haiti - FLASH : Inflation out of control reached 47.2% over one year
A very significant increase was observed in October 2022 at the level of the 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 ) which reached 277.7 against 250.2 the previous month https://www.haitilibre.com/en/news-38272-haiti-flash-annual-inflation-explodes-to-387-sept-2022.html a monthly increase of +11.0% and an annualized inflation of 47.2%. This significant increase can be attributed to the increase in world prices, to the variation in the exchange rate, but above all to the high levels of insecurity and the fuel crisis recorded in October, which disproportionately affected prices at the consumption.

The monthly increase observed in October 2022 is the result of almost all consumption functions, the most important of which are:

"Food products and non-alcoholic beverages": 12.3% over one month and 53.1% over one year;
"Clothing and footwear": +10.5% over one month and 49.7% over one year;
"Furniture, household items and routine household maintenance" 11.1% over one month and 46.1% over one year;
"Health" +10.6% over one month and 41.8% over one year).

Products with higher annual inflation:
Power:
Local and imported rice (75.5%), meat (56.2% on average), milk (52.8% on average), dry peas (50.5%);

Clothing and footwear:
Manufacture of clothing (41.7%), dress (52.8%), suit, universal jacket (55.1%), cemise (62.9%) shoes and tennis (59.4%) and sandal 61.2%;

Furniture, household items and routine home maintenance: living room furniture (60.1%) and dining room (61.1%);

Health:
medicines (41.4%) and glasses with corrective lenses (52.3%).

A higher price increase was observed at the level of imported products, i.e. 61.1% year-on-year and 39.0% year-on-year for local products.

Consumer Price Index for the whole country by consumption function:
General index: 47.2% over one year and +11.0% for the month of October 2022

Food and non-alcoholic beverages: month +12.3%, year 53.1%
Alcoholic beverages and tobacco: month +9.3%, year 31.4%
Clothing and footwear: month +10.6%, year 49.7%
Housing, water, gas, electricity and other fuels: month +9.8%, year 40.5%
Furniture, household items and routine household maintenance: month +11.1%, year 46.0%
Health: month +10.6%, year 41.8%
Transport: month +5.8%, year 46%
Communication: month +9.4%, year 30%
Leisure: month +9.4%, year 30.0%
Teaching: month +4.2, year 9.2%
Restaurants: month +8.9%, year 38.8%
Miscellaneous goods and services: month +10.3%, year 41.6%

Annual change in the CPI (inflation):

Global CPI: 2021 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%; July 30.5%; August 32.0%; September 38.7%; October 47.2%

CPI for Local Products: 2021 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%; July 23.2%; August 24.6%; September 30.9% October 39.0%

CPI of Imported Products: 2021 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%; Jun 41.7; July 43.2%; August 44.8%; September 52%; October 61.0%

CPI by geographic region:
The most significant variations in September 2022 year-on-year concern the Metropolitan Area (49.1%) and the South (41.1%).

Metropolitan area: year +49.1% (+11.7% over one month)
(Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet);

Rest West: year +47.1% (+11.6% over one month)
(South-East and West Departments without the metropolitan area);

North: year +44.7% (+9.9% over one month)
(North, North East and North West Department);

South: year +49% (+10.7% over one month)
(Department of the South, Grande-Anse and Nippes);

Transversal: year +44.5% (+10.4% over one month)
(Department of Center and Artibonite).

See also :
https://www.haitilibre.com/en/news-38272-haiti-flash-annual-inflation-explodes-to-387-sept-2022.html

HL/ HaitiLibre

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