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Inflation rate edges above 3%

The inflation rate was back above three percent in January, pushed up by healthcare, food and fuel costs.

The Consumer Price Index measured inflation at three percent in January a rise of 0.1 percent on the previous month.

According to the CPI report: “The health and personal care sector remained the largest contributor to the 12-month rate of price increase. The annual increase to January 2012 was 6.9 percent.

“The food and fuel and power sectors also impacted strongly on the annual rate of inflation. Price shifts in these two sectors were 3.8 and 13.4 percent, respectively.”

Between December 2011 and January 2012, the average cost of goods and services in the Consumer Price Index increased by 0.1 percent.

The all-items index increased to 118.0 index points in January. This means that the basket of goods and services that cost $100.00 in April 2006 now cost $118.00.

Month to month, on average, the basket price of food items purchased from grocery stores jumped 1.6 percent in January, with spare ribs, block cheese and milk contributing to the increase.

The Household Goods, Services and Communications sector rose by 0.1 percent for the month. The average cost of household supplies increased by 1.6 percent.

Health and Personal Care The Health and Personal Care sector remained unchanged for the month.

In the rent sector, a marginal increase of 0.2 percent in average prices of properties subject to rent control was offset by a 0.1 percent decline in properties not subject to rent control.

This caused the rent sector to remain static in January.

On average, the cost of men's and women's clothing increased by 2.5 percent and 2.1 percent, respectively.

However, a sharp decline in the cost of children's clothing caused the Clothing and Footwear sector to remain static in January.

The Fuel and Power sector was unchanged in January.

The Education, Recreation & Reading sector was also unchanged between December and January, while the Tobacco and Liquor sector fell 0.1 percent for the month due to a 1.5 percent decrease in the price of wine.

And the Transport and Vehicles sector contracted 1.7 percent. On average, the price of airfares and foreign hotel accommodation costs decreased 3.6 percent and 6.1 percent, respectively. In addition, the capital cost for motorcycles decreased by 2.8 percent while fuel costs were unchanged.

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Published March 08, 2012 at 1:00 am (Updated March 08, 2012 at 7:53 am)

Inflation rate edges above 3%

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