Consumer Price Index: Inflation Decreased 0.1%

February 3, 2020 | 0 Comments

Consumers paid 0.7% more in October 2019 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI] and the level of inflation declined 0.1 percentage point from September 2019.

Minister for the Cabinet Office Wayne Furbert said, “In October 2019 consumers paid 0.7 per cent more for the CPI basket of goods and services than they did in October 2018. Between September 2019 and October 2019 the average cost of all goods and services declined by 0.2 per cent.

“The Health & Personal Care sector was the largest contributor to the year-over-year change, increasing 4.1 per cent. The average cost of health insurance premiums was the main contributor to the annual increase. In addition, the Food and Rent sectors contributed to the rise in the annual rate of inflation as price shifts in these sectors were 2.3 per cent and 0.7 per cent, respectively.

“Between September and October the Transport & Foreign Travel sector recorded a 0.8 per cent increase in October. The average cost of overseas hotels rose 5.4 per cent. The Education, Recreation, Entertainment & Reading sector increased 0.1 per cent for the month. The average cost of pet food increased 1.8 per cent. The Clothing & Footwear sector advanced 0.5 per cent in October.

“The main contributors behind the rise were the average cost of female’s pants [+3.4 per cent], men’s shirts [+3.1 per cent] and children shoes [+2.0 per cent]. The Fuel & Power sector was down 4.2 per cent. The fuel adjustment clause decreased 12.7 per cent for the month. The Rent sector dipped 0.9 per cent for the month. The average cost of rental properties not subject to rent control decreased 1.8 per cent.”

The full October 2019 Consumer Price Index follows below [PDF here]:

Read More About

Category: All, Business

Leave a Reply