The Consumer Price Index for the first quarter of 2023 shows that the rate of inflation is easing back down. From a high of 13.5% in the 3rd quarter of 2022, inflation dropped to 9.7% in the last quarter of 2022 and slumped to 5.6% in the first quarter of 2023.
According to the Department of Commerce, as the price of fuel drops, the cost of gas and electricity is also dropping. The reduction is also reflected in lower prices for freight and shipment of food and other goods.
The group with the highest annual percentage change is housing. Compared to the same period last year housing costs have increased by 7.4%, followed by food at 7.2%.
Usually the food category has the highest increase but a drop in the cost of chicken, beef, onions and fish slowed the growth in the food category. Alcohol Beverages had the third highest growth rate for the year at 7.0% with the price of beer increasing 2.1% and wine up by 3.7%
The transportation group recorded annual growth of less than 1% and this is attributed to recent declines in the price of gas and diesel.
The medical group showed an increased of 6.3% attributed to higher prices of non prescription drugs. Meanwhile local medical expenses such as emergency room fees, prescription medication and eyeglasses, have remained steady.
