Inflation rate decreases to 6.4%


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Brianna Blanc shops for vegetables at a mini mart meant to teach people about the value of money at the Central Bank museum, Port of Spain in February 2019 – File photo/Jeff Mayers

The inflation rate has dropped from 6.8 per cent – as reported last January to July – to 6.4 per cent as reported by the Central Statistical Office (CSO) on Tuesday, in its release of the index of retail prices for the period January -July.

However, in January-July 2022/January-July 2021, the inflation rates was 4.7 per cent.

The CSO added that retail prices increased by 0.5 per cent, as calculated from the prices collected in July by the CSO’s all-items index of retail prices.

It also reported a 1.5 per cent increase in prices of food and non-alcoholic beverages between June and July as as result of general price increases for chilled or frozen beef, whole chickens (fresh), fresh beef, chilled or frozen pork, celery, pumpkin, tomatoes, mixed fresh seasoning, grapes and cabbage.

But the full impact of these prices was offset by the general price decreases of carite (fresh), king fish (fresh), cheddar cheese, pimento, bodi, white flour, salmon (fresh), cucumber, steak (fresh) and soya bean oil.

A further review of the data for July, it said, compared with June, showed an increase in the sub-index for alcoholic beverages and tobacco of 0.5 per cent; clothing and footwear of 1.2 per cent; furnishings, household equipment and routine maintenance of the house of 0.6 per cent; health of 0.3 per cent; communication of 0.2 per cent; recreation and culture of 0.9 per cent; hotels, cafes and restaurants of 0.4 per cent and miscellaneous goods and services of 0.4 per cent.

There was also a decrease in the sub-index for housing, water, electricity, gas and other fuels by 0.1 per cent and transport of 0.2 per cent. All other sections remained unchanged.

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