PHILIPSBURG:--- The Consumer Price Index (CPI) increased slightly in the first quarter of 2023 to 109.69, which represented an increase of +0.44% when compared to the previous quarter. A comparison of consumer prices within the past year (quarter one of 2023) resulted in an increase of 3.48%.
A comparison of 2023 Ql with 2022 Q4 revealed highest Increases were in furnishings, household equipment, and routine household maintenance.
In the first quarter of 2023, prices rose in seven of the twelve expenditure categories when compared to quarter four of 2022. Increases were seen in the categories of furnishings, household equipment, and routine household maintenance (+2.09%), transport (+1.61%), recreation and culture (+1.19%), food and non-alcoholic beverages (+1.13%), clothing and footwear (+0.75%), miscellaneous goods and services (+0.38%), communication (+0.24%). decreases are seen in the categories of health (-0.81%), housing, water, electricity, gas, and other fuels (-0.45%), alcoholic beverages, tobacco, and narcotics (-0.18%); however, education and restaurants, and hotels remained the same.
Based on the last Household Budget Survey, the following four categories had the largest percentage weight (influence) of the total CPI: housing, water, electricity, gas, and other fuels (36.1%), transport (14.6%), miscellaneous goods and services (13.4%) and food and non alcoholic beverages (7.2%).
Changes in the price of housing, water, electricity, gas, and other fuels were influenced by a decrease in the price level of the following subgroups electricity, gas, and other fuels decreased by -8.87%, with a further decline of -10.29% in the subcategory electricity, but a slight increase of 2.83% in solid fuels. Increases in housing were observed for actual rentals for housing (+2.65%), which was driven by actual rentals paid by tenants . Although there were increases in maintenance and repair of the dwelling (+0.14%), influenced by the subcategory materials for the maintenance and repair of the dwelling (+0.19%).
The prices of the category transport were impacted by subgroups' purchase of vehicles (3.46%), which was driven by motor cars (+3.50%) and bicycles (+2.73%). Operation of personal transport equipment1(+l.61%) - was driven by spare parts and accessories for
1Purchases of spare parts, accessories, or lubricants made by households to undertake the maintenance, repair, or intervention themselves. If households pay an enterprise to carry out the maintenance, repair, or fitting, the total value of the service, including the costs of the materials used.
personal transport equipment {+5.69%) and fuels and lubricants for personal transport equipment {+0.80%).
Prices in the category miscellaneous goods and services increased slightly due to the weighted increase in the subcategory personal effects n.e.c.2 (+2.32%) and Other appliances, articles, and products for personal care (+1.40%). Personal effects n.e.c. are driven by Electric appliances for personal care (+2.12%), Other appliances, articles, and products for personal care (+1.40%). Personal care is driven by Other personal effects (+5.12%), and Jewelry, clocks, and watches (+0.96%).
For food and non-alcoholic beverages, the cost of the subcategory food increased by
+1.09% and non-alcoholic beverages by +1.39%. The increase in the subcategory food was influenced by the higher prices of fish and seafood (+4.53%), oils and fats (+2.24%), food products n.e.c.3 (+1.71%), meat (+1.46%), bread and cereals {+1.33%), sugar, jam, honey, chocolate, and confectionery {+1.07%), milk, cheese, and eggs {+0.38%), fruit (+0.21%). In Non-alcoholic beverages, increases were apparent in mineral waters, soft drinks, fruit, and vegetable juices (+1.41%), and coffee, tea, and cocoa (+1.22%).
Rising costs in three of the four major categories, in addition to increases in seven of the remaining categories, caused the overall CPI to display an upsurge from the fourth quarter of 2022 to the first quarter of 2023.
Inflation - comparison of 2022 Ql with 2023 Ql saw the highest increase in restaurants and hotels.
The prices of the first quarter of 2023 increased when compared to those in the first quarter of 2022, with the inflation rate recorded at +3.48%. This rise in prices during the previous 12 months was due to surging costs in the household expenditure categories restaurants and hotels (+24.07%), food and non-alcoholic beverages (+10.50%), furnishings, household equipment, and routine household maintenance (+7.97%), clothing and footwear (+7.18%), alcoholic beverages, tobacco, and narcotics (+4.32%), transport (+3.19%), recreation and culture {+3.06%), education (+2.95%), health {+1.99%), housing, water, electricity, gas and other fuels (+1.38%), miscellaneous goods and services (+0.87%), and communication (+0.72%).
2 Personal effects n.e.c. -are considered as jewelry, clocks, watches, travel goods and other carriers, and articles for babies.
3 Food products n.e.c. (not elsewhere classified) - are considered as sugar cane consumed for extracting juice or as a snack; prepared baking powders and yeasts, broth, stocks, bouillon cubes, soup bases, agar-agar, instant dessert preparations; and nutritional supplements and fortified food products.
The prices in all four expenditure categories with the largest influence on the total CPI increased when compared to the same period in 2022.
Housing, water, electricity, gas, and other fuels rose by +l.38%, driven by maintenance and repair of the dwelling (+15.23%), actual rentals for housing (+1.54%), water supply and miscellaneous services relating to the dwelling (+0.27%), and electricity, gas and other fuels (+0.13%).
As mentioned previously, transport increased by +3.19%; this is due to the rise in the operation of personal transport equipment - including fuel (+4.12%), purchase of vehicles (+2.85%), and transport services (+2.40%) in the first quarter of 2023 when compared to the same period of the previous year.
Miscellaneous goods and services increased by 0.87%, driven by personal effects n.e.c. (+8.90%) and Personal care (+3.09%) respectively.
In addition, prices of food and non-alcoholic beverages increased by +10.50%,
influenced by food (+10.57%) and non-alcoholic beverages (10.10%).
Note the increased prices in all the expenditure categories caused the overall increase in the inflation rate.