Rate of Inflation at a Glance
ROADTOWN Tortola BVI, September 29th, 2011 -- The overall Consumer Price Index (CPI) for the month of August 2011 stood at 166.41, up 2.9% in comparison to August 2010 (161.76). Households on average therefore paid 2.9% more for goods and services in August 2011compared to August 2010.
This rise was due to increases in the average prices of the following subgroups: Food, Beverage and Tobacco; Housing; Clothing and Footwear; Transportation and Services.
Between July 2011 and August 2011 average prices increased by 0.2%. This was due to an increase in the monthly CPI from 166.15 in July 2011 to 166.41 in August 2011. This increase was mainly due to average increases in the prices of the Food, Beverage and Tobacco; Clothing and Footwear; Transportation, Services and Miscellaneous subgroups.
Annual Comparison
Transportation: This group was the largest contributor to the increase in the annual CPI and inflation rate. The average price of Transportation rose by 8.9% between August 2010 and August 2011. This increase was mainly due to a rise in the average price of gasoline (up by 31.2%) and taxi fare (up by 8.0%).
Housing: This group increased by 5.7% mainly due to increases in the price of electricity (up by 28.8%) and apartment rental (up by 3.4%).
Food, Beverage and Tobacco: This group increased by 2.8% mainly due to increases in the average prices of the following food and beverage items: Confectionery (up by 12.0%); Fresh Vegetables (up by 10.4%); Dairy Products (up by 5.2%); Meat and Meat Preparation (up by 4.0%); Frozen and Canned Vegetables (up by 3.7%); Food and Meals away (up by 2.1%) and Non Alcoholic Beverages (up by 2.0 %).
Clothing and Footwear: The slight increase of 0.9% in this group was mainly due to a rise in the price of clothing (up by 0.5%) and footwear (up by 10.6%).
Services: This group increased slightly by 0.1% mainly due to an increase in the price of hairdressing (up by 1.5%).
Furniture and Household Supplies: This group decreased by 1.2% mainly due to a decline in the price of household supplies (down by 3.1%).
Miscellaneous: The 0.6% decline in this index was mainly due to decreases in the prices of items such as makeup (down by 4.6%), personal deodorant (down by 9.0%), hair and skin care preparations (down by 3.1%).
Transportation: This group increased by 0.9% due to the upward movement in the price of airfare (up by 2.7%) and unleaded gasoline (up by 1.9%).
Monthly Comparison
Food, Beverage and Tobacco: The average price of this index rose slightly by 0.9% as a result of increases in the prices of a number of food and beverage items: confectionery (up by 3.9%); Fresh Vegetables (up by 2.7%); Food and Meals away (up by 2.0%); Frozen and Canned vegetables (up by 1.0%); Cereals (up by 1.0%) and meat and meat preparation (up by 0.6%)
Miscellaneous: This index increased by 0.5% mainly due to increases in the price of miscellaneous items such as postcards (up by 7.1%) and toothpaste (up by 1.0%).
Clothing and Footwear: The 0.2% increase in this index was a result an increase in the average price of footwear (up by 1.6%).
Services: This index increase slightly by 0.1% mainly due to an increase in the price of medicine (up by 0.7%).
Furniture and Household Supplies: This group declined by 1.9% as a result of reductions in the average price of household supplies (down by 0.9%) and furniture (down by 0.1%).
Housing: The slight decrease of 0.1% in this index was mainly due to a decline in the price of electricity (down by 0.7%).
No. (8) Monthly Report Published by the Development Planning Unit – Premier’s Office August 2011
Development Planning Unit. Premier’s Office Central Administration Complex, Wickhams Cay 1. Tortola, Virgin Islands (UK) Tel: (284) 494-3701 Ext 2175 Fax: (284) 494-3947
Figure 1: Line Chart Comparison of BVI and US Annual Inflation Rates for the period August 2010 –August 2011
*************************
DISCLAIMER
This article was posted in its entirety as received by SKNVibes.com. This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of SKNVibes.com, its sponsors or advertisers
British Virgin Islands News