Haiti - Economy : Inflation falls, but remains close to 40% (July 2023) - HaitiLibre.com : Haiti news 7/7





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Haiti - Economy : Inflation falls, but remains close to 40% (July 2023)
25/09/2023 10:29:09

Haiti - Economy : Inflation falls, but remains close to 40% (July 2023)
The Haitian Institute of Statistics and Informatics (IHSI) informs that inflation in June and July 2023 continues to increase, but notes a slowdown in its growth speed compared to the month of May 2023. Indeed, the Consumer Price Index showed respective annual variations of 43.9% and 39.8% during the months of June and July, compared to 46.4% for the month of May 2023.

For the month of July 2023, (latest data available) inflation still remains high despite a drop of -4.5% year-on-year.

The year-on-year increase observed in July 2023 of 39.8% is the result in particular of consumption functions, the most important of which are:

"Food products and non-alcoholic beverages": +0.1% over one month and 48.0% over one year;
"Clothing and footwear": +0.9% over one month and 32.7% over one year;
"Housing, water, gas, electricity and other fuels": +5.5% over one month and 44.4% over one year
"Furniture, household items and routine household maintenance": +1.3% over one month and 34.0% over one year

Products having recorded more pronounced annual inflation:
Food:
Rice (on average 41.4%), meat (on average 62.7%), milk (on average 41.4%), edible oil (57.1%) and sugar (on average 40.0%) .

Article of clothing and shoes:
Dress (43.6%), shirt (37.7%), men's pants (30.3%), shoes, tennis shoes (33.1%) and sandals (34.8%)

Furniture, household items and routine household maintenance:
Living room furniture (51.5%), dining room (32.8%), generator (44.8%) and laundry soap (36.4%).

Housing, water, gas, electricity and other fuels:
Housing rent (48.5%), charcoal (35.6%), propane gas (41.1%) and kerosene (86.5%)

Regarding the prices of local and imported products, a reversal of the trend was observed on a monthly basis: imported products decreased by 0.,% in July while local products increased by 0.8%. On the other hand, at an annualized rate, imported products continue to increase more quickly in July with an increase of 41.5%, compared to 38.6% for local products.

Consumer Price Index for the whole country by consumption function:
General index: 43.9% over one year in June 2023 and 39.8% over one year in July.

Non-alcoholic food and beverage products: annual basis, June: 43.4%; July 38.0%
Alcoholic beverages and tobacco: annual basis, June: 23.8%; July 20.8%
Clothing and footwear: annual basis, June: 36.2%; July 32.7%
Housing, water, gas, electricity and other fuels: annual basis, June: 40.5%; July 44.4%
Furniture, household items and routine household maintenance: annual basis, June: 36.8%; July 34%
Health: annual basis: June: 34.5%; July 27.2%
Transport: June: 103.3%; July 94.6%
Communication: June: 22.5%; July 19.1%
Leisure: June: 24.9%; July 21.8%
Education: June: 11.3%; July 11.3%
Restaurants: June: 39.3%; July 34.6%
Miscellaneous goods and services: June: 32.7%; July 24.5%

Annual change in CPI (inflation):

Overall CPI: 2022 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%; June 43.9%; July 39.8%

Local Products CPI: 2022 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%; June 41.1%; July 38.6%

CPI of Imported Products: 2022 July 43.2%; August 44.8%; September 52.0%; 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%; June 48.2%; July 41.5%

CPI by geographic region:
All geographic regions contributed to the increase in inflation. However, the West (41.4%), Transversal (40.4%) and South (40.3%) variation are the largest.

Metropolitan Area: annual basis, June 42.7%; July 38.1%
(Port-au-Prince, Delmas, Pétion-ville, Carrefour and Croix des Bouquet);

Rest West: annual basis, June 45.1%; July 41.4%
(South-East and West Departments without the metropolitan area);

North: annual basis, June 44.0%; July 39.8%
(North, North East and North West Departments);

South: annual basis, June 44.5%; July 40.3%
(Department of South, Grande-Anse and Nippes);

Transversal: annual basis, June 44.2%; July 40.4%
(Department of Center and Artibonite).

See also :
https://www.haitilibre.com/en/news-40121-haiti-economy-inflation-at-464-remains-high-despite-a-slight-drop-may-2023.html

HL/ HaitiLibre

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