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Falling electricity cost dampens inflation

Shoppers paid 1.1 per cent more for the standard basket of goods in April than they did a year ago.

Government statisticians said the level of inflation increased by 0.1 of a percentage point over the 1 per cent measured in March.

The Consumer Price Index showed that the average cost of goods and services went up by 0.9 per cent in April from the month before.

That means that the standard basket cost $1.10 more than the $100 recorded for April last year.

The cost of fuel and power dropped 10 per cent year-on-year, with the major driver being the lower cost of electricity.

Month on month, the fuel and power sector fell by 2.6 per cent in April as the fuel adjustment rate dropped by 7.7 per cent.

Transport and foreign travel fell 3.3 per cent compared to April 2015 as average air fares dropped by 17.4 per cent.

But, measured on a monthly basis, the transport and foreign travel sector rose by 0.8 per cent in April after three straight months of decline.

Costs associated with licensing and insuring cars and motor cycles increased 2.6 per cent and 2.3 per cent respectively.

Health and personal care was the largest contributor to the month-on-month increase, rising by 3.2 per cent. On average, health insurance premiums increased by 4.5 per cent.

The cost of tobacco and liquor went up by 2 per cent, reflecting increased taxes.

The price of beer, spirits and tobacco increased 3.8 per cent. 2.4 per cent and 1.8 per cent respectively.

The cost of food went up by 0.3 per cent, with the increase attributed to a jump in the average price of fresh and frozen spare ribs, cantaloupe and fresh and frozen lamb leg.

The clothing and footwear sector fell by 0.5 per cent in April, with the average cost of jewellery dropping by 3.4 per cent.

The cost of rent and household goods, services and supplies remained static.

Power bonus: low fuel prices helped to keep electricity costs down for consumers

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Published June 23, 2016 at 3:47 pm (Updated June 23, 2016 at 3:49 pm)

Falling electricity cost dampens inflation

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