Island’s inflation rate rises to 0.9% in April
The inflation rate edged up to 0.9 per cent in April.
Commenting on the Consumer Price Index report, Wayne Furbert, Minister for the Cabinet Office, said: “In April consumers paid 0.9 per cent more than they did in April 2020 for a basket of goods and services."
The Transport and Foreign Travel sector was the largest contributor to the increase in the CPI, rising by 2.7 per cent. The major driver was the average cost of airfare which rose 12.9 per cent.
The health and personal care and the education, recreation, entertainment and reading sectors had price shifts of 2 per cent and 1.6 per cent, respectively.
Food prices rose by 1.7 per cent year over year, while rent, the biggest component of the index, fell by 0.7 per cent.
Between March and April this year the average cost of goods and services increased 0.3 percentage points.
A 4.9 per cent increase in the fuel adjustment clause caused the fuel and power sector to rise 1.5 per cent.
The transport and foreign travel sector was 0.7 per cent higher for the month due to a 5.3 per cent increase in the average cost of airfares.
The household goods, services and supplies sector moved up 0.3 per cent. On average, consumers paid 11.7 per cent more for bedroom furniture.
The Consumer Price Index is compiled by the Department of Statistics.
Click on Related Media for the CPI April release.