1.3 percent increase in CPI

29.FEB.08

JANUARY 2008

During the month of January, 2008, the Consumer Price Index registered a 1.3 percent increase over the month of December 2007. The “All Items” index stood at 125.5 compared with 123.8 for the previous month. The “point-to-point” inflation rate was recorded at 9.4 percent.{{more}}

Five (5) groups recorded price increases during the month, namely; “Food” (1.7 percent), “Fuel and Light” (1.6 percent), “Household Furniture & Supplies” (1.5 percent), “Transport & Communication” (3.2 percent) and “Miscellaneous” (1.6 percent). The groups “Alcoholic Beverages & Tobacco” (0.1 percent), “Clothing & Footwear” (0.1 percent) and “Personal Services” (0.2 percent) recorded decreases, while, “Housing”, “Medical Care & Expenses” and “Education” remained unchanged.

The 1.7 percent increase in the “Food” index reflected higher prices for several items, namely; tannias (25.0 percent), English potatoes (13.4 percent), whole chicken (7.8 percent), pig feet (6.8 percent), onions (6.2 percent), lentil peas (5.5 percent), yams (4.4 percent), sweet potatoes (4.2 percent) and rice-packaged (4.2 percent).

The 1.5 percent increase in the “Household Furniture & Supplies” group is attributed to increased prices for candles (5.0 percent) and light bulb (9.5 percent), while, the growth in the “Miscellaneous” index is attributed to higher price for meals taken away from home (7.3 percent).

The “Fuel and Light” index grew by 1.6 percent as the cost of electricity increased by (4.0 percent) due to a higher fuel surcharge for the month of January, 2008. Similarly, “Transport & Communication” rose as a result of increased prices for vehicular license (26.2 percent) and petrol (9.6 percent).

The 0.1 percent decrease in the “Alcoholic Beverages & Tobacco” index is a result of lower price for beer (2.9 percent), whereas, the decline in the “Clothing & Footwear” index is attributed to lower price for textile material (5.8 percent).

The group “Personal Services” declined by 0.2 percent as a result of lower price for sanitary napkins (3.6 percent).