The Planning and Statistics Authority (PSA) has released the Consumer Price Index (CPI) for the month of March 2020. The CPI of March 2020 reached to 97.49 point showing a decrease by 0.94% when compared to CPI of February 2020. Compared to CPI of March 2019, [Y-o-Y basis], a decrease of 1.40% has been recorded in the general index (CPI) of this month.
This release of CPI, is the third issuance using the new base of 2018, calculated from the results of the household income and Expenditure survey 2017/2018. Classification of Individual Consumption According to Purpose (CIOCOP) has been used, which divided the prices basket to twelve main groups, started with “Food and Nonalcoholic beverages” group, and to end up with “Miscellaneous goods and Services” group. 737 commodities and services have been covered all the groups.
Looking at the relative importance of the base year 2018, it has been found that, the pattern of households did not change much during the previous five years, and that the relative importance between 2013 and 2018 was almost equal during the period, and no major change was observed on them, the groups of “Food and Beverages”, “Housing, Water, Electricity and other Fuel”, “Transport”, and “Recreation and Culture” still considered as the most important to consumer families,
1.Monthly change ( March 2020 to February 2020):
An analysis [on M-o-M basis] of CPI for March 2020 compared with CPI, February 2020, shows that there are six main groups, where respective indices in this month have decreased, namely: “Recreation and Culture” by 9.18%, “Clothing and Footwear” by 1.95%, “Restaurants and Hotels” by 0.46%, “Housing, Water, Electricity and other Fuel” by 0.32% and “Miscellaneous Goods and Services” by 0.12%, “Food and Beverages” by 0.11%. An increase has been recorded in Transport” by 1.31% and “Furniture and Household Equipment” by 0.12%. “Tobacco”, “Health”, “Communication”, and “Education” groups had remained flat at the last month’s price level.
2.Annual change ( March 2020 to March 2019):
A comparison of the CPI, March 2020 with the CPI, March 2019 (Annual Change), a decrease has been recorded in the general index (CPI), by 1.40%. This [Y-o-Y] price decrease primary due to the prices decline seen in the five groups namely: “Recreation and Culture” by 13.26%, “Clothing and Footwear” by 5.34%, “Housing, Water, Electricity and other Fuel” by 4.14%, “Communication” by 2.44%, and “Furniture and Household Equipment” by 0.32%. An increase has been shown in price levels in six groups namely: “Transport” by 5.33%, “Restaurants and Hotels” by 4.54%, “Health” by 3.07%, “Miscellaneous Goods and Services” by 1.95%, and “Education” by 1.18%, “Food and Beverages” by 0.44%. No changes recorded in “Tobacco” group.
The CPI of March, 2020 excluding “Housing, Water, Electricity and other Fuel” group stands at 98.36 points showing a decrease of 1.11% when compared to the index of February 2020, and a decrease of 0.58% when compared to the CPI of March 2019.
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