The inflation rate for the month April 2017 was 0.3%, following and upward movement of 0.4% in March 2017. The movement was credited to a 1.7% increase in the division ‘Transport’ and ‘Food and Non-Alcoholic Beverages’ which moved up by 0.1%. The division ‘Alcoholic Beverages and Tobacco’ moved up by 0.9%, while the ‘Housing, Water, Electricity, Gas and Other Fuels’ division declined 0.2% to temper the inflation rate. The 0.3% increase in inflation for April 2017 resulted in a calendar year-to-date inflation rate of 1.3%.
The ‘Food and Non-Alcoholic Beverages’ division reported a 0.1% increase for April, relative to 0.3% movement in March 2017. Within the division the group ‘Food’ rose 0.1%, while ‘Non-Alcoholic Beverages’ increased by 0.2%. The increase in the price of ‘Food’ was due to increase in the classes ‘Meat’ up 0.3%, ‘Fish and Seafood’ up 0.4% and ‘Bread and Cereals’ moving up by 0.2%. On the other hand, price for market produce moderated in the increase in the inflation rate for this division.
The ‘Alcoholic Beverages and Tobacco’ division recorded an increase of 0.9%. This was due to in the increase in taxes levied on cigarettes and pure alcohol. For the fourth consecutive month the index for ‘Clothing and Footwear’ by 0.1%.
For the month of April the division ‘Housing, Water, Electricity, Gas and Other Fuels’ posted a 0.2% decline. The ‘Electricity, Gas and Other Fuels’ group was the main contributor to the decline, recording a 0.5% decrease due to lower electricity rates. Despite the overall decline in the index, the group ‘Water Supply and Miscellaneous Services Related to the Dwelling’ reported an increase of 0.6% due to increased rates for water and sewage. As was the case in March the index for ‘Furnishings Household Equipment & Routine Household Maintenance’ division grew by 0.1%. All groups within the index recorded a 0.1% increase, expect for ‘Furniture and Furnishings which had negligible movement.
For the month of April 2017, the ‘Health’ division reported a 0.1% increase, due to a 0.2% increase in the group ‘Health Services’ and a 0.1% increase in the group ‘Medical Products, Appliances and Equipment’. The ‘Transport’ division recorded its highest increase of 1.7% since June 2016. This was a direct result of the increase in the SCT on petrol and an increase in world oil prices and airfares.
The division ‘Recreation and Culture ‘recorded an increase of 0.1% for the month. This increase was driven by the increase in prices of equipment for sport, camping and open-air recreation.
The index for the division ‘Restaurants and Accommodation Services’ rose by 0.4% during the review period due largely to an increase in alcoholic beverages. The division ‘Miscellaneous Goods and Services’ recorded an upward movement of 0.1% for April 2017. This was impacted by the increase in the cost of ‘Electrical Appliances for Personal Care’.
The Inflation rate year to date is 1.3%, while the point-to-point rate (April 2016 – April 2017) and fiscal year 2016/ 2017 was 4.8% and 0.3% respectively.
Individual divisions saw the following changes:
1. Food and Non-Alcoholic Beverages: (0.1%)
2. Alcoholic Beverages and Tobacco: (0.9%)
3. Clothing and Footwear: (0.1%)
4. Housing, Water, Electricity, gas and Other Fuels: (-0.2%)
5. Furnishing, Household Equipment and Routine Household Maintenance: (0.1%)
6. Health: (0.1%)
7. Transport: (1.7%)
8. Communication: (0.0%)
9. Recreation and Culture: (0.1%)
10. Education: (0.0%)
11. Restaurants and Accommodation Services: (0.4%)
12. Miscellaneous Goods and services: (0.1%)
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