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Close to Half of 2022 Inflation Attributable to Food Prices

Analysis

Photo by Astashov Yevhenii / Shutterstock.com

Food prices contributed 7 percentage points to last year's 14.5% average annual inflation, news agency MTI reports, citing data compiled by the Central Statistical Office (KSH).

Prices in the category of "other goods", which includes vehicle fuel, contributed 2.2 percentage points to last year's headline CPI, while service prices contributed 1.8 percentage points.

Household energy prices and consumer durable prices each contributed 1.1 percentage points to the full-year rise, and spirits and tobacco products prices contributed 1 percentage point.

Clothing prices contributed just 0.2 percentage points to the headline figure.

The data show factory gate prices for domestic sales of food producers rose several percentage points faster than consumer prices throughout the year.

In June, food producers' PPI for domestic sales stood at 32.6%, while consumer food prices were up 22.1%. In December, the gap narrowed as food producers' PPI reached 48.2% and consumer food prices climbed 44.8%.

KSH noted that the price of lard jumped 89.2% in December from the same month a year earlier, while cheese prices climbed 83.2%, egg prices 82.7%, bread prices 81.1% and milk prices 52.1%.

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