Consumer Price Index Posts Modest Increase in the First Quarter

The Consumer Price Index (CPI) for the quarter ending March 2012 increased marginally by 0.1 percent compared to the quarter ending March 2011. This is despite significant price movements for transport (6.4%), food & non-alcoholic beverage (5.3%) and clothing and footwear (3.6%).

“The downward pressure to inflation arose from the housing price index which declined anew by 3.9,” noted the Hon. Premier and Minister of Finance, Mr. McKeeva Bush.

Meanwhile, the increase in the transport index is traced to higher fuel prices along with higher purchase price of vehicles.

The cost of food and non-alcoholic beverages went up by 5.3 percent resulting from increases in a number of groups led by fish and seafood (11.0%), oils and fats (9.3%), fruits (8.8%) and mineral water, soft drinks, fruits and vegetable juices (7.1%).