The annual rate of inflation by 5.6 percent in October – down from 5.9 percent in September which was a 17-year high.

The fuel and power sector was the largest contributor and the average cost for electricity was largely influenced by last month's fuel adjustment clause. As a result, the annual rate of price increase for this sector remained at 40.4 percent.

The food and rent sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors were 7.9 percent and 2.6 percent, respectively.

Plummeting gasoline prices in October helped push the transport and vehicle sector down 3.4 percent overall.

The cost per liter of premium and mixed gasoline fell 14.2 percent and 13.8 percent respectively. In addition, foreign travel costs which include airfare and hotel rates also decreased 2.5 percent for the month.

* Full story in tomorrow’s Royal Gazette.