Consumer Price Index: Inflation Decreased 0.1%

May 13, 2020

Consumers paid 0.9% more in February 2020 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 decreased 0.1 percentage point from January 2020.

Minister for the Cabinet Office Wayne Furbert said, “In February 2020 consumers paid 0.9 percent more for the CPI basket of goods and services than they did in February 2019. Between January 2020 and February 2020 the average cost of all goods and services fell 0.2 percentage points.

“The Health & Personal Care sector was the largest contributor to the year-over-year change, increasing 4.1 percent. In addition, the Food sector and the Tobacco & Liquor sector contributed to the rise in the annual rate of inflation as price shifts in these sectors were 2.5 percent and 3.7 percent, respectively.

“Between January 2020 and February 2020 the Household Goods, Services & Supplies sector increased 0.1 percent for the month. The average cost of washers & dryers rose 0.6 percent. On average, consumers paid more for detergents & bleaches [+0.6 percent].

“The Tobacco & Liquor sector rose 0.8 percent, as the average price of wine and beer increased 2.0 percent and 0.8 percent, respectively. The Transport & Foreign Travel sector declined 0.7 percent for the month. The decline was attributed to a 2.0 percent reduction in the average price of premium fuels and a 0.7 percent decline in the average cost of airfares. In contrast, the average cost of overseas car rentals rose 9.3 percent. The Rent sector declined 0.5 percent in February. The average cost of properties not subject to rent control dipped 1.1 percent.”

The full February 2020 Consumer Price Index follows below [PDF here]:

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