Sep 2016 Financial News

CSO: Prices of goods and inflation rise

Sep 08, 2016

THE RETAIL prices of goods increased by 0.2 percent for July compared with June, according to the Central Statistical Bureau’s Index of Retail Prices.

The information, the CSO said in a release, was based on data collected in the survey of retail prices during July.

“The All Items Index of Retail Prices calculated from the prices collected for the month of July 2016 was 104.6, representing an increase of 0.2 point or 0.2 (percent) above the All Items Index for June 2016,” the release said.

The Index for Food and Non-Alcoholic Beverages, the release said, showed an increase from 110.4 in June to 110.7 in July, reflecting an increase of 0.3 percent.

Contributing significantly to this increase was the general upward movement in the prices of tomatoes, garlic, fresh whole chicken, ochroes, cabbage, Irish potatoes, parboiled rice, white flour, lettuce, and sweet potatoes.

However, the release said the full impact of the price increases was offset by the general decrease in the prices of fresh carite, cucumber, chive, full cream milk, other breakfast cereals (not cornflakes), fresh steak (beef), other chilled or frozen chicken, fresh king fish, celery, and orange.

The data also revealed a 0.3 percent increase in the sub-indices for clothing and footwear, a 0.2 percent increase in furnishings, 0.2 percent increase in household equipment and routine maintenance of the house, 1.5 percent increase in health, 0.3 percent increase in recreation and culture, 0.3 percent increase in hotels, cafes and restaurant, and 0.9 percent in miscellaneous goods and services.

The CSO noted decreases in the sub-indices for alcoholic beverages and tobacco by 0.1 percent; housing, water, electricity, gas and other fuels by 0.1 percent, and communication by 0.1 percent.

Meanwhile, the inflation rate for July (measured as the percentage change in the index of retail prices for January to July 2016/January to July 2015) was 3.2 percent, representing a decrease from 3.3 percent which was recorded in the previous period (January to June 2016/ January to June 2015). However, the inflation rate for the comparative period (January to July 2015/January to July 2014) was 5.9 percent.

Source:
Newsday
Thursday September 8, 2016

http://www.newsday.co.tt/business/0,232919.html