‘Annual Rate Of Inflation Remains Negative’

“The annual rate of inflation remains negative for a fifth consecutive month,” according to the newly released Consumer Price Index [CPI] from the Department of Statistics.

A Government spokesperson said, “The Minister for the Cabinet Office Wayne Furbert released the November 2020 Consumer Price Index [CPI].

Minister Furbert said, “In November 2020 consumers paid 0.1 percent less than they did for a basket of goods and services in November 2019.

“Between October 2020 and November 2020 the average cost of all goods and services increased 0.1 percentage points.

“The transport and overseas travel sector was the largest contributor to the 12 month decrease in the CPI [-5.3 per cent]. The average price of overseas hotels decreased 19.0 percent year-over-year.

“The Rent sector also impacted strongly on the annual rate of inflation [-2.2 per cent] as properties not subject to rent control fell 5.4 per cent year-over-year. In contrast, the Food sector increased by 2.9 per cent between November 2019 and November 2020.”

Minister Furbert ended by saying, “I have said this previously, but it bears repeating – our economy continues to be significantly impacted by the challenges due to the Covid-19 pandemic. However we have a resilient economy. And despite the challenges, we are encouraged that residents are keeping our economy going by supporting our key industries.”

“Additional areas of note in the November 2020 CPI are as follows:

• “The Household Goods, Services & Supplies sector increased by 0.2 per cent.

• “The Tobacco & Liquor sector rose 0.1 per cent reflecting a 0.5 per cent increase in the average price of beer.

• “Food sector prices declined 0.2 per cent for the month.

• “The Health & Personal Care sector had no price movement for the month.

• “Fuel & Power sector had no price movement for the month.

• “The Clothing & Footwear sector had no price movement for the month.

• “The Rent sector declined 0.2 per cent. The decrease was attributed to a 0.5 per cent fall in the average rent for units not subject to rent control.

• “The Education, Recreation, Entertainment & Reading sector declined 0.2 per cent in November. Personal computers and toys, games and hobbies were down 4.5 per cent and 3.9 per cent, respectively.”

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

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