You can now listen to Antigua News articles!
Inflation rates went down in January according to reports (file photo)
According to the latest Consumer Price Index (CPI) released by the Statistics Division, Antigua and Barbuda reported a decline in its inflation rate, dropping to 4.5 percent from 5.4 percent in December 2024. This news marks a positive trend in the cost of living in the region.
The Food Index saw a modest rise of just 2 percent, indicating a slowdown in food price increases over the past year. Notably, a decrease in prices for fish, seafood, meat products, sugar, jams, honey, chocolate, confectionery, and dairy items contributed to this lower inflation rate in food.
The price index for fresh, chilled, or frozen fish and seafood notably fell by 13.3 percent, a significant factor in the overall 5.2 percent decrease in the fish and seafood category. The average price of frozen fish dropped from $22.74 to $19.72 per pound. Meanwhile, the index for meat and meat products decreased from 2.9 percent in January 2023 to just 0.8 percent by January 2025, which reduced the impact of meat prices on overall food inflation from 9.6 percent to 6.8 percent.
In dairy, prices for preserved milk and other milk products fell by 6.7 percent, causing the index for milk, cheese, and eggs to rise only slightly, by 0.2 percent, compared to a larger increase of 1.7 percent in 2024.
Despite the decrease in overall inflation, the miscellaneous goods and services index surged by 15.6 percent within the last year. Other notable increases included spare parts and accessories for personal transport equipment (15.5 percent), restaurants and hotels (14.1 percent), and categories like alcoholic beverages, tobacco, and health that experienced increases ranging from 10.5 to 10.8 percent.
On a monthly basis, the CPI registered a 2.5 percent increase in January, marking the largest monthly rise since August 2024, although the Food and Non-Alcoholic Beverages Index dipped by 0.5 percent during the same period.
The Food Index experienced a slight uptick of 0.1 percent following a 0.9 percent reduction in December.
Seven out of nine major supermarket food groups reported increases, notably oils and fats, which rose by 5.2 percent, alongside a 2.1 percent increase in fruits. The average price of a 900ml bottle of soya oil increased from $7.32 to $8.32, while an 18oz bottle of peanut butter rose from $17.15 to $18.42.
Conversely, the Non-Alcoholic Beverage Index saw a decline of 4.5 percent, primarily due to an 11.2 percent drop in soft drinks and concentrates resulting from significant price reductions for canned beverages like Coke and Vita Malt.
The index for All Items excluding Food and Energy increased by 3.6 percent over the month, largely driven by notable price hikes in transport services (47.2 percent), vehicle purchases (8.4 percent), and clothing and footwear (2.5 percent).
The Statistics Division highlighted that core inflation, when excluding food and energy, remained at 3.6 percent. 3.6 percent.
This must be good news right? Asking for myself
Looks like inflation in Antigua is heading in the right direction with a drop from 5.4% to 4.5%. The dip in food prices is a relief, especially with fish and seafood prices falling significantly. However, that surge in miscellaneous goods and services is a bit concerning. Spare parts, restaurants, and even health-related expenses are up, which could still strain many households. It’s good to see some balance in the numbers, but the rise in transport and vehicle costs shows there’s still pressure on consumers in other areas. Let’s hope this trend continues, but more focus on reducing those non-food price hikes would be appreciated.