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    CONSUMER PRICE INDEX

    (Base period: January – December 2017 = 100)


    Year 2023

    1. INTRODUCTION
    This issue of Economic and Social Indicators presents the Consumer Price Index (CPI) for the year 2023.
    The methodology used for computing the CPI and the inflation rate is given in the technical note at
    Annex.

    2. KEY POINTS
    2.1 Overall CPI

    The Consumer Price Index, which stood at 127.1 in December 2022, registered a net increase of 4.9
    points (or +3.9%) to reach 132.0 in December 2023 (Table 1A).

    The monthly CPI changes in 2023 are shown in the chart below. Increases ranging from 0.1 point to 2.0
    points were noted during January to March, May to June, in August and during November to December,
    with the highest increase in February 2023. Decreases ranging from 0.1 point to 0.4 point were observed
    in April, July and during September to October, with the highest decrease in July 2023.

    2.2 Overview of CPI movements

    The main reasons for the net increase in CPI during the year 2023 (Table 2) were:

    (a) higher prices of vegetables, fish, culinary herbs, meat, fruits, frozen semi-prepared foods and
    some other food products;
    (b) higher prices of cigarettes, beer and stout and, rum and other cane spirits;
    (c) higher prices of ready-made clothing and footwear;
    (d) higher electricity rates and higher workman’s wages;
    (e) higher charges for domestic services and higher prices of furniture and, washing materials and
    softeners;
    (f) higher doctor’s fees and higher prices of medicinal products;
    (g) higher prices of motor vehicles and diesel;
    (h) higher prices of audio-visual equipment;
    (i) higher university fees in private institutions;

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