By Consumer Price Index (CPI) December 2012
Posted On: January 15, 2013
Year-on-Year Analysis
In December 2012, the annual rate of inflation was measured at 1.8%. Price changes in the Food category show a 2.6% increase compared to December 2011. This was primarily due to increases in the prices of Dairy Products, Fats and Oils and Bakery and Cereal Products. The average price of evaporated milk increased from $3.05 to $3.66, cooking margarine increased from $6.47 to $7.26 and corn meal increased from $1.70 to $1.97 per pound.
The inflation rate decreased 0.3% percentage point from November 2012 rate. Some of the influencing factors were:A decrease of 1.0% in the Meat category,the average price of chicken thighs decreased from $24.94 to $19.64 and mutton decreased from $14.72 to 13.79.
Sugar, Jams and Confectionery category decreased by 2.5% as a result of the reduction of the average price of white sugar per pound from $1.78 to $1.66.The Fuel and Light index increased by 5.2% over the same period due to an increase in the fuel variation rate from 74 cents in December 2011 to 80 cents in December 2012.
Month-to-Month Price Changes
There was a 0.2% increase in the All Item index between November 2012 and December 2012. The index for the Food category had an increase of 0.9% between the same period.
This was related to increases in Fats and Oils, Bakery and Cereals and Dairy Products. The average price recorded for soya oil (1 litre) increased from $10.02 to $10.65, Corn meal increased from $1.86 to $1.97 per pound and condensed milk increased from $3.65 to $4.15.The Fuel and Light index had no change from previous month.
The fuel variation rate remained at 80 cents in December 2012.Alcoholic Drink and Tobacco recorded an increase of 0.5%, attributed to an increase in the average price for imported beer.The other (Miscellaneous) index recorded an increase of 0.4%, attributed to average price decrease in toilet paper and toilet soap.
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