Food Prices Continue to Drive Inflation

Details

Economy

Tuesday, 19 June 2012 02:30

By caribarena news

Antigua St. John’s - Last month the annual rate of inflation was measured at 4 per cent, and food prices have shown a 3.7 per cent increase over the twelve-month period from May 2011.

Also, owing to an increase in the fuel variation rate from 80 cents in April 2012 to 85 cents in May 2012, fuel and light rose by 4.1 per cent.
 
This is according to figures released from the Antigua & Barbuda Consumer Price Index (CPI) which identified four food sub-groups that are responsible for the increased inflation rate.
 
“Average price changes for Dairy products 13.9 per cent, Fats and Oils increased by 11.2 per cent, Sugar, Jams and Confectionery increased by 7.8 per cent and Food N.E.S (not elsewhere specified) increased by 6.4 per cent,”  the release pointed out.
 
It continued: “Within Food N.E.S, the average price for mayonnaise increased from $8.67 to $10.30, tomato paste increased from $2.72 to $3.11 and vinegar increased from $2.52 to $2.84. The Fuel and Light index increased by 10.6 per cent related to an increase in the fuel variation rate from 73 cents in May 2011 to 85 cents in May 2012.”

 
The index for the food category was determined to be 1 per cent higher in May 2012 than it was the previous month, and the meat category had an increase of 2.3 per cent, due to price increases in the meat sub-categories.
 
Beef and lamb prices increased more than 5 per cent, poultry showed a 3.8 per cent rise and milk, a sub-category within dairy products increased by 7.1 per cent with the average price of evaporated milk climbing from $3.54 to $4.19 and eggs from $9.42 to $9.66.
 
Meanwhile, the price of fruits and vegetables dropped by 2.7 per cent and this was reflected by an average price decrease in three of the four sub-categories.
 
The CPI is a statistical indicator of changes in the general level of prices of consumer goods and services purchased by private households. The CPI measures price movements of a fixed quality and quantity of goods and services that it refers to as a “shopping basket”.

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