Consumer Price Index- August 2017

The inflation rate for the month August 2017 was 0.3%, following an upward movement of 0.6% in July 2017. The division which recorded the highest movement for the month was ‘Recreation and Culture’ with a 1.3% growth, while the index for ‘Food and Non-Alcoholic Beverages’ advanced by 0.6%. STATIN reported that the increase in ‘Recreation and was influenced mainly by increased prices for books and other school equipment, while increases within the ‘Food and Non-Alcoholic Beverages’ division was due mainly to a 0.6% upward movement for the group ‘Food. The only division to record a negative movement in its index was ‘Housing, Water, Electricity, Gas and Other Fuels’, contracting by 0.5%.

As noted earlier, the ‘Food and Non-Alcoholic Beverages’ division reported a 0.6% increase for August, relative to 1.2% movement in July 2017.  The group ‘Food’ rose 0.6%, while ‘Non-Alcoholic Beverages and Tobacco’ increased by 0.2%. The increase in the price of ‘Food’ was driven by a 1.6% increase in the class ‘Vegetables and Starchy Foods. For the ‘Non-Alcoholic Beverages’ group the main driver of grow was ‘Coffee, Tea and Cocoa’ up 0.5% and ‘Mineral Waters, Soft Drinks, Fruit and Vegetable Juices’ up 0.1%.

The ‘Alcoholic Beverages and Tobacco’ division recorded an increase of 0.4% for August 2017. An increase in the price of ‘Spirits,’ ‘Wines’ and ‘Tobacco,’ were the main contributors to the movement. Meanwhile, the index for ‘Clothing and Footwear’ went up by 0.2% for August 2017, as both ‘Clothing’ and ‘Footwear’ division recorded a 0.1% and 0.4% increase respectively.

For the month of August the division ‘Housing, Water, Electricity, Gas and Other Fuels’ posted a 0.5% decline. The ‘Electricity, Gas and Other Fuels’ was the main driver behind the decline, this as the group recorded a 1.1% decline. In contrast the groups ‘Water Supply and Miscellaneous Services Related to the Dwelling, and Maintenance and Repair of Dwelling’ increased by 0.4%. The ‘Furnishings, Household Equipment and Routine Household Maintenance’ division grew by 0.1%; as all groups in the division increase 0.1%.

The ‘Health’ division rose by 0.2% in August 2017. This was as a result of a 0.3% increase in the group ‘Health Services’. Furthermore, the division ‘Recreation and Culture’ reported a 1.3% growth for August, while ‘Restaurants and Accommodation Services’ inched up by 0.1%. For August, an inflation rate of 0.1 per cent was recorded for the ‘Miscellaneous Goods and Services’ division. The main contributor to this movement was the increase in the cost of personal care products and services.

The Inflation rate year to date is 3.0%, while the point-to-point rate (August 2016 – August 2017) and fiscal year 2016/ 2017 was 4.4% and 2.0% respectively. Individual divisions saw the following changes:

  1. Food and Non-Alcoholic Beverages: (0.6%)
  2. Alcoholic Beverages and Tobacco: (0.4%)
  3. Clothing and Footwear: (0.2%)
  4. Housing, Water, Electricity, gas and Other Fuels: (-0.5%)
  5. Furnishing, Household Equipment and Routine Household Maintenance: (0.1%)
  6. Health: (0.2%)
  7. Transport: (0.0%)
  8. Communication: (0.0%)
  9. Recreation and Culture: (1.3%)
  10. Education: (0.0%)
  11. Restaurants and Accommodation Services: (0.1%)
  12. Miscellaneous Goods and services: (0.1%)

 

 

 

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2017-09-18T19:04:22+00:00