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Healthcare costs drive inflation higher

Shoppers paid 2.1 per cent more in June for goods and services than a year before.

And the Island's inflation rate went up 0.9 percentage points from the 1.2 per cent measured in May.

Health and personal care notched up the largest increase year on year — up 8.5 per cent, driven by increased costs for health insurance, medical care and medicines.

The cost of food and transport and foreign travel also increased.

Transport and foreign travel rose 5.9 per cent in June, which followed a one per cent decrease the previous month.

And the average price of airfares and premium fuel also went up — by 4.2 per cent and 6.7 per cent respectively.

But the average cost of motorcycles dropped, down 4.5 per cent.

Food costs rose 0.1 per cent between May and June, following a 0.4 increase in May. The jump was attributed to a hike in the price of eggs, margarine and canned evaporated milk.

The cost of rent was static for June, despite average prices for rent-controlled properties going up by 0.1 per cent.

The price of tobacco and liquor remained steady month-on-month from May to June.

A 0.2 per cent increase in the average cost of beer was offset by a 1.3 per decrease in the price of spirits.

The education, recreation, entertainment and reading sector went up by 0.5 per cent in June, while boat repair and maintenance costs rose by 2.6 per cent due to increased fuel prices.

The figures mean that a basket of goods and services that cost $100 in April now costs $100.70.

Healthcare cost escalation: Rising health and personal care costs drove inflation higher in June

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Published August 07, 2015 at 2:50 pm (Updated August 07, 2015 at 2:50 pm)

Healthcare costs drive inflation higher

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