- 2.59% Monthly decrease on CPI of January 2023.
- 4.20% annual increase on CPI of January 2023, compared with January 2022.
The Planning and Statistics Authority (PSA) has released the Consumer Price Index (CPI) for the month of January 2023. The CPI of January 2023 reached to 105.40 points showing a decrease by 2.59% when compared to CPI of December 2022. Compared to CPI of January 2022, [Y-o-Y basis], an increase of 4.20% has been recorded in the general index (CPI) of this month.
When comparing the main components of CPI for the month of January 2023, with the previous month December 2022 (Monthly change), it is found that, there was a decrease in six groups, while five groups were increased, and one group remained unchanged.
The groups showed decrease as a follow: “Recreation and Culture” by 17.18%, followed by “Restaurants and Hotels” by 6.24%, “Furniture and Household Equipment” by 1.39%. “Communication” by 0.83%, “Clothing and Footwear” by 0.55%, and “Housing, Water, Electricity and other Fuel” by 0.11%. An increase has been recorded in “Education” by 3.12%, followed by “Health” by 1.41%, “Miscellaneous Goods and Services” by 1.04%, “Transport” by 0.58%, and “Food and Beverages” by 0.11%. “Tobacco” had remained flat at the last month’s price level.
A comparison of the CPI, January 2023 with the CPI, January 2022 (Annual Change), an increase has been recorded in the general index (CPI), by 4.2%. This [Y-o-Y] price increase primary due to the prices rising in eight groups namely: “Recreation and Culture” by 12.52%, followed by “Housing, Water, Electricity and other Fuel” by 11.11%, “Restaurants and Hotels” by 6.92%, “Education” by 4.26%, “Clothing and Footwear” by 1.75%, “Health” by 1.62%, “Transport” by 1.13%, and “Miscellaneous Goods and Services” by 0.54%.
A decrease has been shown in price levels in “Communication” by 4.84%, followed by “Food and Beverages” by 0.18%, and “Furniture and Household Equipment” by 0.13%. No changes recorded on “Tobacco”.
The CPI of January 2023 excluding “Housing, Water, Electricity and other Fuel” group stands at 107.36 points recorded decrease by 3.18% when compared to the index of December 2022. Compared with counterpart in 2022, the CPI of January index increased by 2.63%.
