The annual rate of inflation as measured by the Consumer Price Index (CPI) was 2.3 percent in July, unchanged from June.

On average, consumer prices remained constant during the month as the all-items index measured 119.6 index points in June and July.

Within the main sectors of the index, fuel and power showed the strongest price movement for the third consecutive month with an increase of 0.7 percent in July.

The Fuel Adjustment Clause (FAC) continued to rise during July but at a slower rate. The 6.2 percent increase in the FAC fell below the 18.3 percent rise that was observed in June.

The upward movement was due to increases in the trading price of fuel on the world market.

As a result, households experienced a 0.8 percent increase in the average cost of electricity. The food and beverage Index was down 0.1 percent in July while rent costs rose 0.1 percent for the month. The average rent for controlled properties increased 0.2 percent while the price for properties not under rent control were unchanged.

Tobacco and liquor increased by 0.1 percent in July with the average cost of all alcoholic drinks climbing 0.1 percent reflecting increases in wines and spirits of 0.1 percent and 0.4 percent respectively.

The price movement for the household goods, services and supplies sector was measured at 0.3 percent. In the services subcomponent, an increase of 6.1 percent in the average cost of funeral service charges was the major factor.

The transport and vehicle sector fell 0.1 percent in July with the cost of both premium and mixed fuel increasing 0.1 percent. This was outweighed by declines in car repair and maintenance costs, down 0.2 percent and average airfare prices, down 1.3 percent.

The education, recreation and reading sector remained relatively static with increases in the average cost of pet care increasing 0.1 percent and boat fuel increasing 1 percent.

Average prices in the health and personal care sector were unchanged from June.