ABS needs more time to calculate CPI
The General Statistics Bureau (ABS) has not published inflation figures since July. The inflation figures for July and August will reportedly be published at the end of October because the ABS in July adjusted the goods and services package that are used to calculate the consumer price index (CPI) in light of the current economic and financial situation in the country. The ABS deemed it necessary to make several adjustments because consumer behavior has changed in response to the price hikes. Demand for certain goods has reportedly dwindled because of the price hikes. In some cases some food products are being considered luxury items because they are no longer in demand. On the other hand consumers are buying goods that they used to ignore in the past. Because of the adjustments the ABS needs more time to calculate the new price hikes in order to determine a new CPI. A consumer price index (CPI) measures changes in the price level of a market basket of consumer goods and services purchased by households. There were reportedly 297 items in the old CPI package. The changes in price levels are recorded in the districts Paramaribo, Wanica, Nickerie, Coronie, Saramacca and Commewijne.