Haiti – Economy: Annual inflation approaches 30%

Haiti – Economy: Annual inflation approaches 30%
26.08.2024 10:21:50

According to the latest available bulletin of the Haitian Institute of Statistics and Informatics (IHSI), the upward trend in inflation observed in recent months continued in June 2024, although at a less rapid pace than in the previous month. The General Index of Consumer Prices (CPI, 100 in 2017-2018), which stood at 404.9 in May, rose to 408.9 in June, recording a monthly increase of 1.0% and an annual increase of 28.9%, compared to 1.7% and 28.3%, respectively, in May.

The annual increase in the index is the result of the price increase of products such as:

“Food and non-alcoholic beverages”: +0.9% month-on-month and 40.5% year-on-year;
“Housing, water, gas, electricity and other fuels”: +0.7% compared to a month and 22.7% compared to a year;
“Communication”: (+33.7% over one month and 40.5% over one year);
“Restaurant”: +0.9% month-on-month and 28.1% year-on-year.

Products with the highest annual inflation:

Eat :
Rice (average 51.9%), corn (average 44.1%), millet (47.9%), meat (average 39.4%), fresh fish (53.9%), herring (average 53.7%), cooking oil (51.0%), lemon (85.9%) and banana (39.0%).

Clothing and shoes:
Manufacture of clothing (29.9%), dresses (28.2%), shirts (26.2%) and socks (26.4%).

Housing, water, gas, electricity and other fuels:
Apartment rent (27.2%), charcoal (28.1%) and propane gas (22.3%)

Communication:
Telephone call (55.3%)

Restaurante:
Eating out (28.1%)

Price growth year-on-year: local products 29.2%; imported 28.5%

Consumer price index for the entire country according to consumption function:
Overall index: 1.0% over one month in June 2024 and 28.9% over one year

Food and non-alcoholic beverages: +0.9% month-on-month and +40.5% year-on-year;
Alcoholic beverages and tobacco: +0.2% month-on-month and +15.3% year-on-year;
Clothing and footwear: +0.6% month-on-month and +22.4% year-on-year;
Housing, water, gas, electricity and other fuels: +0.7% month-on-month and +22.7% year-on-year;
Furniture, household items and ongoing household maintenance: +0.6% month-on-month and +20.9% year-on-year;
Health: +0.2% over one month and +8.8% over one year;
Transport: +0.1% over one month and +0.7% over one year;
Communication: +33.7% within one month and +40.5% within one year;
Leisure: +0.7% month-on-month and +13.7% year-on-year;
Education: +0.0% over one month and +5.7% over one year;
Restaurants: +0.9% month-on-month and +28.1% year-on-year;
Miscellaneous goods and services: +0.5% month-on-month and +14.5% year-on-year;

Annual change in the consumer price index (CPI) (inflation):

Total CPI: 2023 June 43.9%; July 39.8%; August 37.3%; September 31.8%; October 22.8% 2024 January 20.9%; February 23%; March 26.7%; April 27.3%; May 28.3%; June 28.9%

CPI for local products: 2023 June 41.1%; July 38.6%; August 36.6%; September 31.3%; October 22.7% 2024 January 22.6%; February 23.2%; March 26.8%; April 27.6%; May 28.9%; June 29.2%

CPI for imported products: 2023 June 48.2%; July 41.5%; August 38.2%; September 32.6%; October 23.1 2024 January: 21.4%; February: 22.9%; March: 26.5%; April: 26.7%; May: 27.3%; June: 28.5%

CPI by geographic region:
At the regional level, the strongest price increases compared to the previous year were observed in the regions Reste Ouest (30.7%), Sud (29.8%) and Area Métropolitaine (29.2%). In the other regions (North and Transversale), prices rose by around 27.0%.

Metropolitan region: +1.1% over one month, +29.2% over one year
(Port-au-Prince, Delmas, Pétionville, Carrefour and Croix des Bouquet);

Rest of the West: +1.2% over one month +30.7% over one year
(Departments in the south-east and west excluding the metropolitan region);

North: +0.7% over one month +27.3% over one year
(Department of the North, Northeast and Northwest);

South: +0.9% over one month +29.8% over one year
(Department of the South, Grande-Anse and Nippes);

Cross: +0.8% over one month +27.6% over one year
(Department of the Centre and Artibonite).

Previous report:
https://www.haitilibre.com/en/news-42685-haiti-inflation-283-4th-consecutive-month-of-increase.html

HL/HaitiLibre