The second half of 2022 (2H2022) saw headline inflation for general households increasing by 7.0% on a y-o-y basis, faster than the 5.2% increase seen in the 1H2022. The main contributors to the higher increase were cars, food, accommodation, holiday expenses, electricity, petrol and point-to-point transport services.
In 2022, the highest 20% income group saw the largest increase in CPI compared to the lowest 20% and middle 60% income groups. The increase excludes owner-occupied accommodation (OOA) costs. The increase was mainly due to the higher costs of cars, petrol, holiday expenses and other transport services that had a larger impact on this group’s CPI as they accounted for a bigger share of the group’s expenditure basket.
In the 2H2022, the highest 20% income group also saw the largest increase in CPI among the three household income groups due to the same reasons except for other transport services.
