Annual inflation rate continues to rise
The Ministry for the Cabinet Office released the September 2021 Consumer Price Index (CPI) from the Department of Statistics.
In summary, during September 2021 consumers paid 2.2 per cent more than they did in September 2020 for the basket of goods and services.
The Transport & Foreign Travel sector continues to be the largest contributor to the 12 month increase in the CPI (+10.7 per cent). The main contributors to the increase were the average cost of airfares (+19.2 per cent), overseas hotel accommodations (+18.7 per cent), premium fuels (+15.8 per cent) and mixed fuels (+14.7 per cent), respectively.
Meanwhile, the annual rate of inflation moved higher due in part to the Education, Recreation, Entertainment & Reading sector (+2.1 per cent), and the Rent sector (+1.6 per cent).
Between August 2021 and September 2021 the average cost of goods and services increased 0.2 per cent.
Additional areas of note between August and September 2021 are as follows:
The Education, Recreation, Entertainment & Reading sector jumped 1.2 per cent for the month. Tuition fees for local and overseas schools increased 1.9 per cent and 1.8 per cent, respectively.
The Food sector increased +0.3 per cent. Contributing to the rise was the average cost of frozen spare ribs (+4.3 per cent), fresh and frozen sirloin/stewing beef (+2.7 per cent) and cheddar cheese (+1.0 per cent).
The Transport & Foreign Travel sector inched up 0.2 per cent in September. The rise was attributed to the increase in the average cost of car rentals (+15.6 per cent) and foreign hotel lodging (+4.5 per cent).