Haiti - Economy : Inflation at 46.4% remains high despite a slight drop (May 2023) - HaitiLibre.com : Haiti news 7/7





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Haiti - Economy : Inflation at 46.4% remains high despite a slight drop (May 2023)
28/07/2023 10:32:44

Haiti - Economy : Inflation at 46.4% remains high despite a slight drop (May 2023)
A slight decrease in inflation on an annual basis has been observed in the last two months, April 2023 47.9% (-0.3% compared to March) and May 46.4% (-1.5% compared to April) 2023 against 48.2% in March 2023. This drop according to the Haitian Institute of Statistics and Informatics (IHSI) can be attributed, among other things, to a certain slowdown in the world prices of basic necessities, to the decline in the US dollar exchange rate on the local market and a slight improvement in the availability of petroleum products.

For the month of May 2023, (latest data available) inflation still remains high despite a monthly decline of -1.5% and a year-on-year decline of 46.4%, compared to -0, respectively, 3% and 47.9% for the month of April 2023

The year-on-year increase observed in May 2023 is the result of in particular consumption functions, the most important of which are:

"Food products and non-alcoholic beverages": +0.7% over one month and 45.8% over one year;
"Clothing and footwear": +1.2% over one month and 40.0% over one year;
"Housing, water, gas, electricity and other fuels": +3.0% over one month and 41.1% over one year
"Furniture, household items and routine household maintenance": +0.9% over one month and 40.8% over one year

Products with higher annual inflation:
Power:
Rice (on average 57.0%), meat (on average 68.4%), milk (on average 50.1%), edible oil (67.2%) and sugar (on average 58.6%) .

Clothing and footwear:
Dress (48.2.0%), shirt (49.1%), men's pants (40.4%), shoes, sneakers (44.4%) and sandals (47.5%)

Furniture, household items and routine household maintenance:
Living room furniture (56.9%), dining room (59.1%), generator (74.1%) and laundry soap (52.8%).

Housing, water, gas, electricity and other fuels:
Housing rent (39.2%), charcoal (37.5%), propane gas (57.1%) and kerosene (91.8%)

Furniture, household items and routine household maintenance:
Living room furniture (50.7%), dining room (49.1%), generator (61.4%) and laundry soap (46.2%)

As was the case for several months, a higher price increase was observed for imported products, ie 54.3% year-on-year against 41.9% for local products.

Consumer Price Index for the whole country by consumption function:
General index: 47.9% over one year in April and 46.4% over one year in May 2023

Food and non-alcoholic beverages: yearly basis, April: 47.9%; May 46.4%
Alcoholic beverages and tobacco: annual basis, April: 27.3%; May 25.5%
Clothing and footwear: annual basis, April: 42.0%; May 40.1%
Housing, water, gas, electricity and other fuels: annual basis, April: 38.4%; May 41.1%
Furniture, household items and routine household maintenance: annual basis, April: 43.0%; May 40.8%
Health: annual basis: April: 43.0%; May 39.0%
Transportation: April: 106.8%; May 105.0%
Communication: April: 25.7%; May 24.0%
Leisure: April: 28.7%; May 27.0%
Education: April: 11.2%; May 11.0%
Restaurants: April: 44.8%; May 42.0%
Miscellaneous goods and services: April: 40.9%; May 38.0%

Annual change in the CPI (inflation):

Headline CPI: 2022 May 27.8%; June 29.0%; July 30.5%; August 32.0%; September 38.7%; October 47.2%; November 45.5%; December 48.3% 2023 January 49.3%; February 48.2%; March 48.3%; April 47.9%; May 46.4%

CPI for Local Products: 2022 May 21.0%; June 21.8%; July 23.2%; August 24.6%; September 30.9% October 39.0%; November 37.4%; December 40.9% 2023 January 41.8%; February 41.3%; March 42.3%; April 42.6%; May 41.9%

CPI of Imported Products: 2022 May: 40.0%; June 41.7%; July 43.2%; August 44.8%; September 52%; October 61.0%; November 59.1; December 60.2 2023 January 61.5%; February 59.4%; March 57.8%; March 56.1%; April 56.1%; May 53.4%

CPI by geographic region:
All geographic regions contributed to the increase in inflation in March 2023. However, the variation in the South (47.3%) and Rest West (47.2%) are the most significant.

Metropolitan area: annual basis, April 47.3%; May 45.6%
(Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet);

Rest West: annual basis, April 48.5%; May 47.3%
(South-East and West Departments without the metropolitan area);

North: annual basis, April 47.9%; May 46.4%
(North, North East and North West Department);

South: annual basis, April 48.6%; May 47.2%
(Department of the South, Grande-Anse and Nippes);

Transversal: annual basis, April 47.7%; May 46.4%
(Department of Center and Artibonite).

Also read:
https://www.haitilibre.com/en/news-39712-haiti-economy-inflation-continues-to-increase-+17-in-march-2023.html

HL/ HaitiLibre

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