1 USVI BUREAU OF ECONOMIC RESEARCH 2023 CONSUMER PRICE INDEX

Collection: Government Financials
Date: 2023
Type: Financial Report

1 USVI BUREAU OF ECONOMIC RESEARCH 2023 CONSUMER PRICE INDEX Highlights  The Consumer Price Index decreased 1.5% to 8.4% on an annual average in 2023, following an increase of 9.8% in 2022. Major Contributors to Inflation in 2023  Among the nine major components, food inflation was 7.3%, down from 14.2% in 2022.  Housing index decreased to 10.7% in 2023 from 12.2% in 2022.  Alcohol index declined to 9.7% from 10.9% in 2022.  Transportation index decreased to -2.2% from the 17.4% in 2022.  Education & Communications index increased to 8.5% from 4.1% in 2022. Prices on All Islands  The inflation rates for most indexes in 2023 declined and slowed compared to 2022. Among the islands, inflation was highest at 11.9% for St. Thomas, followed by St. Croix at 9.0%. The lowest inflation rate was 3.4% for St. John. 2023 ALL-ITEMS INFLATION Comparison is based on the 12-month average of the Consumer Price Index (CPI) INDEX FOR ALL ITEMS INCREASES AT A DECELERATING RATE Inflation trended downward toward the end of 2023 after peaking in the fall of 2022 (Figure 2). …

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