Consumers paid 1.8 percent more in June 2014 than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI). This level of inflation decreased 0.3 percentage points from the 2.1 percent measured in May 2014.

Between May 2014 and June 2014, the average cost of goods and services in the Consumer Price Index was unchanged. The all-items index remained at 124.2 index points in June. This means that the basket of goods and services that cost $100 in April 2006 now costs $124.20.

The health and personal care sector remained the largest contributor to the 12-month rate of price increase. The annual increase in June 2014 measured 5.9 percent.

Prescribed medicines increased 2.5 percent. The food and rent sectors also impacted strongly on the annual rate of inflation. Price shifts in these two sectors were 2.9 percent and 1.1 percent, respectively.

Food prices increased 0.2 percent in June following a 0.2 percent decrease in May. The average cost of dining in restaurants rose 1.4 percent while the cost of grocery items declined 0.1 percent. The leading factors behind this decrease were local carrots (down 7.9 percent) and canned tuna fish (down 2.9 percent).

The fuel and power sector continued its upward trend, increasing 0.7 percent in June following a 0.8 percent increase in May.

Residential consumers paid an average of two percent more for electricity due to an increase in the fuel adjustment rate.

The health and personal care sector increased 0.1 percent in June. The average cost of prescribed medicines rose 2.2 percent.

The rent sector edged up a 0.1 percent in June. Average rent prices for properties under rent control increased 0.1 percent.

The education, recreation and reading sector rose 0.1 percent in June as the cost of boat fuel increased 1.3 percent.

The tobacco and liquor sector increased 0.1 percent in June as it did in May. The cost of beer rose 0.4 percent on average in June.

The transport and vehicle sector decreased 1.2 percent in June, following an increase of 2.6 percent in May.

The leading contributor to the decrease was a 11.6 percent drop in overseas hotel accommodations.

In contrast, the average price of airfares and gasoline rose 6.9 percent and 1.3 percent, respectively.