The Index of Retail Prices for January 2023 decreased by 0.1% in comparison to the index for December 2022. Year-on-year movements within the Index increased by 5.4%, moving from 104.7 index points in January 2022 to 110.4 index points in January 2023.
The top five moving major divisions were as follows:
Transport recorded a downturn in January 2023 of 3.8% against the December 2022 index. In comparison to January 2022, the index registered a 3.7% increase.
Restaurants and Hotels rose 2.3% above the index for December 2022. The year-to-year comparison recorded a 17.6% hike over the index for January 2022.
Food and Non-Alcoholic Beverages climbed 1.6% above December’s index. In comparison to January of the previous year, there was an increase of 4.2%.
Clothing and Footwear fell 1.3% down from the December 2022 index, while the year-on-year comparison in contrast, recorded growth of 3.5% against the January 2022 index.
Alcoholic Beverages, Tobacco and Narcotics increased 1.2% in January 2023 over December 2022. There was an increase of 4.3% over the index for January of the previous year.
The impact of groups on the top five moving major divisions
Transport
The index of this division recorded a downturn resulting from decreases occurring mainly in the group indices of Passenger transport by air (12.6%) and Fuels and Lubricants (9.2%).
Restaurants and Hotels
The division recorded an upswing due to an incline of 2.4% in the group Restaurants.
Food and Non-Alcoholic Beverages
The upsurge found mainly in the indices of the groups Fruit (6.3%), Vegetables (2.6%), Milk, cheese and eggs (2.0%), Sugar, jam, honey, chocolate and confectionery (1.3%), Bread and cereals (1.2%), Fish and sea-food (1.1%), Mineral waters, soft drinks, fruit and vegetable juices (1.1%) contributed to the growth in the index.
Clothing and Footwear
Decreases of 1.6%, 1.5% and 1.2% in the indices of the groups Other Clothing and Accessories, Garments and Shoes and other footwear, respectively, were the causes of the drop in the division’s index.
Alcoholic Beverages, Tobacco and Narcotics
The upward movement recorded in the groups Beer (1.6%), Spirits (1.3%) and Tobacco (1.3%) contributed to the increase in the division.
The Retail Price Index is a measure of changes in the general level of retail prices (inclusive of VAT) of a fixed “basket” of goods and services, or a mix of consumer goods and services, purchased by the average household. The Index is an important economic indicator which may be used as the basis for calculating the inflation rate for a given period; it measures the rate at which the average prices of goods and services change over time. The Retail Price Index is normally expressed in percentage terms with reference to a fixed base period. The base for the current Index is July 2018 (usually written as July 2018 = 100).