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Price index rises by 3 per cent

Year-over-year percentage change in the consumer price index (Photograph supplied)

Food prices continue to top the island’s inflation figures, according to the Department of Statistics.

The latest consumer price index showed shoppers paid 3.1 per cent more for goods and services last November than they did the previous year.

Food costs increased by 3.1 per cent, and were primarily driven by the cost of dry breakfast cereals rising by 12.4 per cent, the cost of chicken parts increasing by 10 per cent, and the cost of ice cream rising by 8.5 per cent.

Conversely, the annual average price of spare ribs fell by 20.9 per cent, while the price of tomatoes and broccoli fell by 14.9 per cent, and the cost of apples dropped 12.7 per cent.

The average cost of household goods, services and supplies also rose by 1.5 per cent in November compared with the same period a year ago.

In particular, electrical appliances such as toasters and hand mixers increased by 31.8 per cent, while the cost of power tools rose by 12.2 per cent and appliances such as dishwashers and microwaves rose by 4.6 per cent.

Travel and foreign travel increased by 4.9 per cent compared with the previous year.

The average cost of airfares climbed 15.2 per cent and the cost of overseas hotel accommodations rose 14.1 per cent.

In contrast, the average cost of premium and mixed fuels fell 0.7 per cent.

The education, recreation, entertainment and reading sector increased 3.7 per cent during this same time frame, with pet care in particular rising by 4.1 per cent.

In contrast, the average cost of televisions fell by 7.8 per cent, video player costs fell by 6.5 per cent, and the cost of personal computers fell by 0.9 per cent.

Tobacco and liquor sales rose by 5.4 per cent, and saw rises in the price of beer by 7.2 per cent, spirits by 2.0 per cent, and wine by 1.5 per cent.

The level of inflation seen the Consumer Price Index for last November also fell by 0.3 per cent compared with October 2023.

The all-items index fell from 117 to 116.6, meaning that goods and services that cost $100 in April 2015 cost $116.60 in November last year.

The household goods, services and supplies sector rose by 0.2 per cent in November last year when compared with October last year, with the average cost of lighting equipment rising 10.3 per cent while power tool costs rose 9.5 per cent.

Food pricing rose 0.1 per cent in the same timespan, with the costs of margarine rising 7 per cent, cantaloupes rising 4.9 per cent, and soft drinks rising 1.5 per cent.

The average cost of whipping cream fell 4.6 per cent and the cost of onions fell by 3.9 per cent.

The rent sector increased by 0.1 per cent, and the cost of education, recreation, entertainment and reading stayed the same despite a 0.9 per cent decline in the cost of computers.

Transport and travel fell by 3.3 per cent, and the average cost of hotel accommodations fell by 24.6 per cent and airfares fell by 2.1 per cent.

Tobacco and alcohol sales fell by 0.8 per cent, and were driven by the price of wine falling by 1.9 per cent and the cost of spirits falling by 1.7 per cent.

Health and personal care, clothing and footwear, and fuel and power all stayed the same.

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Published April 18, 2024 at 12:56 pm (Updated April 18, 2024 at 5:04 pm)

Price index rises by 3 per cent

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