Average Inflation Rate Up by 1.3% in 2014

"The Consumer Price Index (CPI) recorded an average annual inflation rate of 1.3 percent."

The Consumer Price Index (CPI) recorded an average annual inflation rate of 1.3 percent. This is based on results of the four quarterly Consumer Price Index Surveys produced by the Economics and Statistics Office last year.

⫿I am pleased to note that although indicators show an upswing in local economic activity, the inflation rate remains moderate,??? stated the Minister for Finance and Economic Development, Honourable Marco Archer. ⫿This is lower than the 2.2 percent average inflation rate recorded in 2013,??? he further noted.

A number of major items contributed to the increase in the CPI, led by household equipment (7.4%). This category includes services for routine household maintenance such as residential housework, baby-sitting, and fumigation services. In contrast, the price index for housing and utilities recorded a 1.6 percent decline.