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Power cost increase pushes inflation higher

The annual rate of inflation crept up to 2.6 percent in September, driven by a sharp increase in fuel and power costs.

The Consumer Price Index, published yesterday by the Department of Statistics, showed that the rate of increase in the cost of living increased one tenth of a percentage point from the 2.5 percent inflation rate recorded in August.

Consumers paid 17 percent more for fuel and power in September than a year earlier, thanks mainly to a 7.8 percent increase in the fuel adjustment rate on electricity bills. As a result, householders paid 3.8 percent more for electricity in September than they did in August.

Health and personal care costs were 7.4 percent higher year over year, as the cost of prescribed and over-the-counter medicines climbed.

The transport and vehicles sector recorded an eight percent price rise compared to August as rising airfares and higher hotel rates in gateway cities led to foreign travel costs rocketing by 26.8 percent.

Food prices were 2.9 percent higher than a year earlier, while clothing and footwear experienced a 3.8 percent increase.

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Published November 15, 2011 at 1:00 am (Updated November 15, 2011 at 7:42 am)

Power cost increase pushes inflation higher

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