Economists Talk December 2022

Currently, the cost of living and operational general has increased by 4.9% inflation rates 2022 compared to last year 2021 when it was 4.0% but also last month was 4.8% which is an increase of 0.1% and as an increase of 0.8% from last year 2021.

Basic needs like foods and non-alcoholic beverages, the prices have increased by 9.1% 2022 compared to last month where it was 8.3% and 3.9% for last year 2021. We expect a further increase in the price of foods and non-alcoholic beverages because we are entering the season of Christmas and New Year and the demands of these products expected to increase more.

Products like alcoholic beverages and tobacco prices have dropped by 0.9% 2022 compared to last month where it was 1% and 2.5% for last year 2021. The same goes for products like clothing and footwear costs have dropped by 2.5% this month from 2.6% last month and 4.9% last year. Housing, water, electricity, gas and other fuels, furnishings, household equipment and routine costs have increased by 3.7% 2022 compared to last month. Fuels, electricity, water and gas are the important products that have multiplier effects to all people because everyone will need water and everyone will need electricity, therefore the increase price of these products have very big impact on the individuals economy, family levels up to the national level.

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