Food price inflation above 10% for fifth-straight month
Food prices have risen 10.1 per cent in the year leading up to January 2023, according to the latest Consumer Price Index report.
The figure has been above 10 per cent since last September.
The steepest annual increases came from fruit juices at 34.5 per cent, ice cream at 24.7 per cent and frozen entrées at 15.4 per cent.
January’s food prices were up 0.6 per cent for the month, with oranges selling for 12.5 per cent more, eggs up by 10.1 per cent, red grapes up 6.6 per cent and ice cream up 3.7 per cent.
Nonetheless, food prices rose 4.7 per cent in January 2022, meaning that prices are 15.7 per cent higher than they were in January 2021.
The soaring cost of food seems to having an effect on overall food sales. The Retail Sales index, also released yesterday, showed that the volume of good sales, which is the amount of sales adjusted for inflation, fell 10.8 per cent, suggesting that shoppers are buying less food overall.
The transport and foreign travel sector, also up by 10.1 per cent year over year, marked the largest contribution to the 12-month increase in the CPI, with overseas accommodation up 50.4 per cent and airfares rising 19.4 per cent.
But in a positive sign for consumers, the cost of fuel and power dropped 3.9 per cent for January over the previous month, owing to a 15.2 per cent drop in the fuel adjustment clause.
Overall, the island’s consumers paid 4.5 per cent more this January than they did a year ago, the Department of Statistics reported today, the highest increase since September, when it was 5.1 per cent.
The year-over-year increase in education, recreation, entertainment and reading was 3.9 per cent, while the annual increase in clothing and footwear stood at 4.4 per cent.
For health and personal care, the annual price increase was reported to be 3.3 per cent.
Although food price inflation remains in the double digits, the annual increase for January was marginally less than in recently monthly CPI reports.
Annual increases in food prices stood at 10.3 per cent last December, at 10.4 per cent last November, and 10.3 per cent for October.
• To read the January CPI report in full, click on the PDF under “Related Media”.
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