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Inflation rate fell in April

Less expensive: the price of flour fell 6 per cent in April from the month before

The annual rate of inflation fell to 1.7 per cent in April — down from a 2½-year high of 2.4 per cent in March.

Government statistics released today show that sharp year-over-year increases in the price of oil meant the fuel and power sector, as well as transport and foreign travel, were the main contributors to the rise in the cost of living.

The addition of the Regulatory Authority recovery fee to Belco bills drove a 0.5 per cent rise in the fuel and power prices from March, while prices in the same sector were up 11 per cent from a year earlier.

Higher gasoline prices meant consumers paid 5.2 per cent more in transport and foreign travel costs than a year earlier. The same sector rose 1.9 per cent from the previous month, driven by a 4.8 per cent increase in the cost of premium fuels and a 4.1 per cent rise in accommodation prices.

Food prices fell an average 1.1 per cent between March and April. Leading the price decreases were flour, down 6 per cent, fresh beef tenderloin, down 3.6 per cent, and frozen spare ribs, down 2.3 per cent.

Between March 2017 and April 2017, the average cost of goods and services in the Department of Statistics’ Consumer Price Index increased by 0.3 per cent.

The all-items index rose to 102.8 in April. This means that the basket of goods and services that cost $100 in April 2015 now costs $102.80.