Annual inflation now almost 9%

The annual inflation for January 2018 is currently at 8.9%. The annual inflation is calculated by comparing the prices of January 2018 with those from January 2017. This means that the prices of January 2017 went up with 8.9% in January 2018. The recent figure is mentioned in the latest report on the Consumer Price Index (CPI) of the General Statistics Bureau (ABS).

The ABS pointed out that there weren’t any significant price hikes in the past couple of months which is why the inflation of January 2018 does not differ that much from the one from December 2017.

The monthly inflation was 0.5% higher in January 2018. It was reportedly 0.2% in December 2017. The monthly inflation is calculated by comparing the prices of January 2018 with those from December 2017. The prices for January 2018 were recorded from January 2 until January 31.

The consumer prices are divided into 12 main groups. A consumer price index measures changes in the price level of market basket of consumer goods and services purchased by house- holds. The CPI is a statistical estimate constructed using the prices of a sample of representative items whose prices are collected periodically. There are reportedly 316 items in Suriname’s CPI package. The prices are recorded in Paramaribo, Wanica, Nickerie (including Wageningen), Coronie, Saramacca and Commewijne. Changes in the CPI are used to assess price changes associated with the cost of living; the CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.