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Inflation edges higher

Consumers paid more for goods and services in June than they did in the same month in 2018.

The Consumer Price Index rose 0.7 per cent, year-on-year.

The inflation rate year-on-year more than doubled during the month, rising by 0.4 of a percentage point from the 0.3 per cent rate measured in May.

The health and personal care sector was the largest contributor to the year-over-year change, increasing by 3.7 per cent. The average cost of health insurance premiums continues to be a major contributor to the annual increase.

In addition, the food and fuel and power sectors also contributed to the rise in the annual rate of inflation, as price shifts in these sectors were 2.5 per cent and 4.5 per cent, respectively.

In contrast, the transport and foreign travel sector fell by 2.5 per cent followed by the rent sector with a 0.6 per cent decline, year-over-year.

Between May and June, the average costs of goods and services in the CPI increased 0.3 per cent.

The health and personal care sector rose by 1.4 per cent. The average cost of prescription and over-the-counter medications and household medical supplies increased by 0.7 per cent and 1 per cent, respectively.

The food sector rose 1 per cent in June. The average cost of dining in restaurants increased 3.7 per cent.

The transport and foreign travel sector climbed 0.7 per cent, with a leading factor an increase in the average cost of overseas car rentals, up by 23.2 per cent. The average cost of air fare was up by 13 per cent while entry fees to overseas theme parks were up by 4.8 per cent.

The education, recreation, entertainment and reading sector fell 0.2 per cent. Price declines were reported in the average cost of pet food, down by 0.5 per cent, and sport club memberships, which dipped by 1.3 per cent.

The rent sector dipped 0.4 per cent in June, as the average cost of properties not subject to rental control decreased by 0.8 per cent.

The tobacco and liquor sector rose by 1.1 per cent in June, with the average cost of wine rising by 2.6 per cent.

The fuel and power sector advanced 0.8 per cent in June, as the fuel adjustment rate increased by 2.6 per cent.

The clothing and footwear sector was unchanged for the month, as was the household goods, services and supplies sector.

Healthcare cost escalation: rising health insurance premiums were a major driver of inflation in June

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Published October 09, 2019 at 7:24 pm (Updated October 09, 2019 at 7:24 pm)

Inflation edges higher

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