JANUARY 2022 17 MONTHLY STATISTICAL BULLETIN The CPI average annual rate of change was 1.3% in 2021 In December, the year-on-year rate of change was 2.7% Consumer Price Index In 2021, the Consumer Price Index (CPI) registered an average annual rate of change of 1.3%, following a nil rate of change registered for the whole of 2020. Excluding energy and unprocessed food from the CPI, the average annual rate of change was 0.8% (nil in the previous year). The year-on-year rate of change of the total CPI showed a strong upward trend throughout 2021, particularly in the second half of the year when the rates of change registered were always higher than the annual average. In December 2021, the Consumer Price Index (CPI) registered the following year-on-year rates of change: • Total CPI: 2.7% (2.6% in the previous month); • Core inflation index (total index excluding unprocessed food and energy): 1.8% (1.7% in November); • Energy products index: 11.2% (14.1% in the previous month); • Unprocessed food index: 3.2% (0.8% in November). Consumer price and core inflation indices (year-on-year rate of change and 12-month moving average) 1.27% 2.74% 1.80% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% �ec-17 �ar-18 �un-18 �ep-18 Dec-18 �ar-19 �un-19 Sep-19 �ec-19 �ar-20 �un-20 �ep-20 �ec-20 Mar-21 Jun-21 Sep-21 Dec-21 CPI (12-month moving average) CPI (year-on-year rate of change Core Infla�on (year-on-year rate of change) In December 2021, the CPI also registered the following rates of change: • Month-on-month: 0.0% (0.4% in the previous month and -0.1% in December 2020); • Month-on-month excluding unprocessed food and energy products: also a nil rate of change (0.3% in the previous month and -0.2% in December 2020);
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