GEISHA KOWLESSAR-ALONZO
Senior Reporter
geisha.kowlessar@guardian.co.tt
T&T’s inflation rate for March 2024 was 0.8 per cent, the Central Statistical Office (CSO) reported yesterday as it released the consumer price index (CPI) for last month.
The inflation measures the percentage change in the all items index for the month of March 2024 compared to March 2023,
The CSO noted this remained unchanged from what was recorded for the previous month (February 2024/February 2023).
The inflation rate for the period between March 2022 and March 2023 was 7.3 per cent.
Consumers enjoyed a dip in some food prices for March, they were forced to pay higher prices for some local vegetables such as melongene, bodi, ochroes and pumpkin, the CSO said.
It noted that the index for food and non-alcoholic beverages decreased from 147.9 in February 2024 to 146.2 in March 2024, reflecting a decrease of 1.2 per cent.
Contributing significantly to this decrease was the general downward movement in the prices of fresh whole chicken, tomatoes, cucumber, cheddar cheese, table margarine, celery, fresh king fish, plantains, fresh carite and soya bean oil.
However, the COS said the full impact of these price decreases were offset by the general increase in the prices of grapes, hot peppers, oranges, melongene, bodi, ochroes, pumpkin, frozen whole chicken, parboiled rice and other fruit drinks.
The all items index calculated from the prices collected for the month of March 2024 was 123.8, representing a decrease of 0.3 points or 0.2 per per cent below the all items index for February 2024.
A further review of the data for March 2024 compared with February 2024 reflected an increase in the sub-index for alcoholic beverages and tobacco of 1.1 per cent.
This period also showed a decrease in the sub-indices for clothing and footwear of 0.2 per cent.
All other sections remained unchanged.
What is the CPI?
The consumer price index is a weighted average of the proportionate changes in the prices of a specified set or ‘basket’ of consumer goods and services between two periods of time.
The CPI monitors the prices of a fixed basket of goods and services in 15 areas (locale) in Trinidad and Tobago. Monthly price surveys are conducted in groceries, shops and local markets for food and petroleum items. Price are collected quarterly for other items that are not as variable.
The data from the household budget survey (HBS) was used to determine:
* Which items were selected for the basket of items monitored by the CPI;
* The weights of these items i.e. their relative importance compared with all other items in the basket and,
* The weights of the areas monitored by the CPI.
Changes in the CPI can be used to assess price changes associated with the cost-of-living. The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
