Consumer Price Index

29.JUN.07

May 2007

During the month of May, 2007, the Consumer Price Index registered a 4.4 percent increase over the previous month. The “point-to-point” inflation rate was recorded at 8.5 percent compared with 5.0 percent for the month of April, 2007. The “All Items” index stood at 120.2 compared with 115.1 for the previous month.{{more}}

Further analysis revealed that ten (10) groups recorded price increases during the month, namely; “Food” (3.9 percent), “Alcoholic Beverages & Tobacco” (5.2 percent), “Clothing & Footwear” (9.2 percent), “Housing” (0.04 percent), “Household Furniture & Supplies (3.2 percent), “Transport & Communication” (4.7 percent), “Education” (15.9 percent), “Personal Services” (7.3 percent), “Miscellaneous” (6.6 percent) and “Medical Care & Expenses” (2.1 percent). The group “Fuel & Light” was the sole group to witness a decrease (1.4 percent).

The “Food” index grew by 3.9 percent reflecting higher prices for several food items, namely; tomatoes (44.2 percent), oranges (29.4 percent), cabbages (20.4 percent), onions (15.3 percent), chicken wings (14.0 percent), white sugar (11.0 percent), sweet peppers (9.0 percent), table margarine (7.4 percent), macaroni (7.2 percent), codfish (5.6 percent) and cheese (5.4 percent).

The 5.1 percent increase in the “Alcoholic Beverages & Tobacco” group is attributed to increased prices for Guinness stout (15.6 percent), Hairoun beer (15.1 percent) and whisky (9.3 percent); whereas, the group “Clothing & Footwear” recorded a 9.2 percent increase, due to increased prices for women’s underwear (15.0 percent), men’s trousers (15.0 percent) and clothing material (15.0 percent).

The “Housing” index recorded a marginal increase during the month.

The group “Medical Care & Expenses” registered upward movement of 2.1 percent due to higher price for the cost of a chest x-ray.

The “Education” index recorded the largest increase of 15.9 percent due to increased price for magazine.

Higher prices for bath towels (15.0 percent), dishwashing liquid (10.9 percent) and laundry detergent (9.9 percent) were responsible for the change in the “Household Furniture & Supplies” index.

Similarly, the group “Personal Services” grew by 4.9 percent due to increased prices for deodorant (5.1 percent) and toothpaste (5.1 percent), while, the group “Miscellaneous” rose by 3.2 percent as a result of an increase in the cost for meals taken away from home.

The group “Transport & Communication” registered upward movement of 4.7 percent, resulting in increase cost for telecommunication services.

Meanwhile, the group “Fuel & Light” declined by 1.4 percent as the cost of electricity fell by (3.5 percent) due to a lower fuel surcharge for the month of May, 2007.