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Inflation rate remains below 1%

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Rising costs for health insurance and food were two of the main drivers of inflation in October.

Consumers paid 0.7 per cent more in October 2019 than they did a year ago for the basket of goods and services included in the Consumer Price Index, the Department of Statistics revealed yesterday.

The level of inflation declined 0.1 percentage point from September 2019.

Between September 2019 and October 2019, the average cost of goods and services in the CPI decreased 0.2 per cent.

The all-items index was 105.9 in October. This means that the basket of goods and services that cost $100 in April 2015 now costs $105.90.

Prices in the health and personal care sector gained 4.1 per cent over the year, with increased health insurance premiums being the main contributor. The average cost of dentist visits jumped 10.3 per cent from September.

Food prices rose 2.3 per cent year-over-year, with the price of dining in restaurants up 2.4 per cent.

However, food prices compared to September fell 0.1 per cent, with lower prices reported for onions (down 14.7 per cent), pineapples (down 10.4 per cent) and spare ribs (down 6.1 per cent).

Fuel and power prices fell 4.2 per cent in the month from September, thanks to the fuel adjustment clause on Belco bills falling by 12.7 per cent in October.

Inflation illustration: the graph tracks the price of a basket of goods and services that cost $100 in April 2015 (Source: Department of Statistics)

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Published February 03, 2020 at 7:00 am (Updated February 03, 2020 at 1:04 pm)

Inflation rate remains below 1%

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