Inflation Rate for February 2012

Details

Economy

Tuesday, 13 March 2012 02:29

By caribarena news

Antigua St John's - The annual rate of inflation was measured at 5.2 percent in February 2012. Food prices increased by 4.9 percent over the 12-month period ending in February 2012.

Average price increase included: Fats and Oils 20.4 percent, Sugar, Jams and Confectionery 9.9 percent, while Dairy Products 8.9 percent (Table 2).

The Fuel and Light index increased by 10.3 percent related to an increase in the fuel variation rate from $0.66 in February 2011 to $0.77 in February 2012.

When Food and Energy are removed from the All Items index, the core inflation rate is 4.2 percent, indicating the effects of rising prices of non-food and non-energy items on inflation.

The Furnishings, Supplies and Operations index recorded an increase of 12.1 percent. This was attributed to price increases in household operations and household goods. For example, average price changes for bleach increased from $9.97 to $10.97.

The increase for Furnishings, Supplies and Operations index was also due to substitution of newer models of sofas and dressing tables during price collection. The average price of a sofa increased from $1,797 to $2,622, while for dressing tables it increased from $1,447 to $1,597.

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There was no change in the Food index between January and February 2012.

The Fuel and Light category recorded a decrease of 1.7 percent due to a decrease in the fuel variation rate from $0.79 in January 2012 to $0.74 in February 2012.

The other (Miscellaneous) index recorded an increase of 0.7 percent, attributed to average price increases in toilet paper,toothbrush and sanitary pads. Alcoholic Drink and Tobacco recorded an increase of 0.4 percent, attributed to an increase in the average price of vodka.

An increase of 0.2 percent was also recorded for Furnishings, Supplies and Operations. Services,household operations, and goods contributed to this increase, with rises in fabric softener, bleach, and scouring powder.

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