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The cost of living keeps climbing according to the Consumer Price Index (CPI) an important gauge of inflation that monitors the average price changes of goods and services bought by typical households monthly and yearly.
The gauge is computed using prices gathered monthly and quarterly from supermarkets and other suppliers.
It reflects spending patterns obtained from household budget surveys.
The CPI consists of twelve component indices, each representing different categories of goods and services.
In April 2024, the All-Items Index increased by 6.0%, primarily due to significant increases in the indices for Miscellaneous Goods and Services, Communication, Food, and Non-Alcoholic Beverages.
These three categories contributed to 80.5% of the overall increase.
The Miscellaneous Goods and Services Index was particularly influenced by notable increases in sub-categories such as Personal Effects, Social Protection, Personal Care, and Insurance.
The Communication Index was affected by rises in the indices for Telephone and Telefax Equipment and Telephone and Telefax Services.
Additionally, the Food and Non-Alcoholic Beverages Index was driven by a 5.6% increase in the Food Index, with various food sub-categories contributing to the overall inflation.
The All Items Index Less Food and Energy, or Core Inflation, increased by 6.5%, with significant increases in various categories including Miscellaneous Goods and Services, Communication, Housing, Restaurants and Hotels, and Alcoholic Beverages.
The Monthly Consumer Price Index for April 2024 increased by 5.1%, with the Transport index experiencing a notable 20.0% increase.
This was largely attributed to a significant rise in the index for Passenger Transport by Air, leading to price increases for various destinations.
The Food and Non-Alcoholic Beverages Index increased by 1.6% in April, with mixed results in food sub-categories.
Furthermore, the index for All Items Less Food and Energy rose by 6.2% in April, influenced by increases in various categories such as Transport Services, Miscellaneous Goods and Services, Restaurants and Hotels, and Recreation and Culture.
We certainly dont need CPI to tell us this….have we not been going to the supermarket ourselves to not only see it but FEEL it??