Consumer Price Index Fell by 2.8% in First Quarter 2016

"The overall Consumer Price Index (CPI) for the first quarter of 2016 declined by 2.8 percent when compared to the same quarter in 2015."

The overall Consumer Price Index (CPI) for the first quarter of 2016 declined by 2.8 percent when compared to the same quarter in 2015.

“This is the fifth consecutive quarter of deflation since the first quarter of 2015, resulting largely from the continued reduction in fuel prices and import duty reductions on diesel used by Caribbean Utilities Company” stated Honourable Marco Archer, Minister for Finance and Economic Development.

Lower fuel prices pushed down the average charges for water and related services; electricity, gas and other fuels; and transport services.

In addition, actual rentals and imputed rentals for owner-occupied housing also fell.

The first quarter CPI for 2016 when compared to the last quarter of 2015, also recorded a 0.8 percent decline. “This can be traced mainly to the seasonal decline in accommodation service fees, as well as the fall in fuel prices” the Minister also stated.