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Inflation rate stabilizes, and we paid less for electricity in May

Inflation stabilised in May as consumers paid 1.7 percent more than they did a year ago goods and services.

The increase was driven again by heath care and food costs.

The rate of inflation was unchanged from the 1.7 percent recorded in April 2013. In March it rose 2.1 percent.

Between April and May 2013, the average cost of goods and services in the Consumer Price Index rose 0.1 percent.

The all-items index increased from 121.5 to 121.7 index points in May.

This means that the basket of goods and services that cost $100.00 in April 2006 now cost $121.70.

year-to-year, the Health & Personal Care sector had the strongest impact on the twelve month increase in the Consumer Price Index.

The total cost of the Health & Personal Care basket increased 9.1 percent year-over-year.

The Food and Education, Recreation & Reading sectors also contributed to the rise in the annual rate of inflation, as price shifts in these sectors were 2.7 percent and 2.9 percent, respectively.

Month-to-month, price movement in the Transport & Vehicle sector increased 1.2 percent in May following a decrease of 1.9 percent in April. The increase was attributed to a 10.2 percent hike in the average cost of foreign travel accommodations. In contrast, the capital cost of cars decreased by 0.8 percent.

The Health & Personal Care sector rose 0.7 percent in May, after a 6.3 percent rise in April. The leading factor was a 10.9 percent increase in the cost of ladies hairstyling.

The Tobacco & Liquor sector continued rising due to the increase in import duty, increasing 2.0 percent in May. The average price of spirits and cigarettes increased by 2.7 percent and 2.2 percent, respectively.

During May the Household Goods, Services & Communications sector rose 0.1 percent. Food wraps & trash bags increased by 2.2 percent.

The Rent sector remained unchanged in May following a 0.3 percent fall in April. However, repair & maintenance costs and properties not under rent control fell 2.2 percent and 0.1 percent, respectively.

The Education, Recreation & Reading sector reported no change in May. The average cost of personal computers rose 3.4 percent. In contrast, pet foods fell 1.0 percent

The Clothing sector was static in May with no price movement following a 0.8 percent rise in April.

On average, food prices decreased 0.4 percent in May. The main items contributing to the decline were fresh calf liver (-6.8 percent), fresh pineapples (-6.6 percent) and fresh roast beef (-4.1 percent).

The Fuel & Power sector declined 2.7 percent following no change in April. Consumers paid 2.8 percent less for electricity in May than April.

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Published June 26, 2013 at 1:30 pm (Updated June 26, 2013 at 1:30 pm)

Inflation rate stabilizes, and we paid less for electricity in May

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