The Consumer Price Index (CPI) for the month of January 2015, with a new base of 2013, is estimated at 103.4 showing an increase by 3.4%, when compared to averages price of 2013, the Ministry of Development Planning & Statistics (MDPS) said in a press release on Wednesday.
In the new CPI, the Classification of Individual Consumption According to Purpose (CIOCOP) has been used, which divides the prices basket to twelve main groups, starting with "Food and beverages" group, and to ending up with "Miscellaneous goods and Services" group. More than 1100 number of commodities and services have been covered in all the groups. While comparing the cost of living from an earlier base, some changes have been seen in the consumption pattern.
The weight for "Food and beverages" has remained at about the same level (around 13%). The weight for "Recreation, and Culture" which includes expenditure incurred abroad in respect of transport, travel and tourism, has increased from 4.1% to 12.7% in the 2013 base CPI. The weight for "Restaurants and hotels" has increased from 3.7% to 6.1%. The weight for "Transport" has remained at around 15%. The weight for "Housing, water, electricity, gas and other fuels" has remained the highest with a weight of 21.9% compared to 32.1% in the 2007 base series of CPI. The reduction is partly explained by the change in methodology for the computation of rental, following the exclusion of imputed rental of owner-occupied dwellings.
The increase of CPI of January, 2015 by 3.4% when compared to the average price of the base year 2013 has resulted primarily from the high price rises recorded in the groups: "Tobacco" group shows the highest increase by 14%, due to increase recorded in the tobacco price; followed by "Education" group by 11.4%, mainly due to the rising education fees; "Housing, water, electricity, gas and other fuels" by 8.2%; "Furnishing and Household Equipment" by 4.8%; and "Transport" by 5.3%. Minor increases are seen in some groups: "Food and Beverages" by 0.2%; "Clothing and Footwear" and "Health" by 1.9% each; "Restaurant and Hotels" by 1.3%; and "Miscellaneous Goods and services" by 1.0%. Price fall has been recorded in "Communication" and "Recreation and Culture" groups , by 0.8% and 3.8% respectively. Figure (2) shows the CPI of January 2015 compared to base year 2013. Monthly Comparison of CPIs will also be published soon in other statement further to this press release.
The CPI of January 2015, excluding "Housing, water, electricity, gas and other fuels" group stands at 102.0, showing an increase of 2.0% compared to the base year 2013.