The rate of inflation in T&T continues to fall, with the all items Index of Retail Prices rising by 4.66 per cent between July 2022 and July 2023, according to data supplied by the Central Statistical Office, (CSO). (See box below)
Between January 2022 and January 2023, the inflation rate rose by 8.32 per cent.
According to the CSO, the rate of inflation, as measured by the percentage change in the average All Items Index for the period January to July, 2023 over the period January to July, 2022 was 6.4 per cent. This rate is greater than that observed for the period January to July, 2022 over the period January to July, 2021, which was 4.7 per cent.
The index for food and non-alcoholic beverages was 8.6 per cent higher in July 2023, than in July 2022. Between January 2022 and January 2023, the average prices of food and non-alcoholic beverages rose by 17.33 per cent.
The Index for food and non-alcoholic beverages increased from 145.3 in June, 2023 to 147.5 in July, 2023, reflecting an increase of 1.5 per cent.
The CSO said contributing significantly to this increase was the general upward movement in the prices of chilled or frozen beef, whole chickens–fresh, fresh beef, chilled or frozen pork, celery, pumpkin, tomatoes, mixed fresh seasoning, grapes and cabbage.
However, the full impact of these price increases was offset by the general decreases in the prices of carite–fresh, king fish–fresh, cheddar cheese, pimento, bodi, white flour, salmon–fresh, cucumber, steak–fresh and soya bean oil.
A further review of the data for July, 2023 compared with June, 2023 reflected an increase in the sub-index for alcoholic beverages and tobacco of 0.5 per cent, clothing and footwear of 1.2 per cent, furnishings, household equipment & routine maintenance of the house of 0.6 per cent, health of 0.3 per cemt, communication of 0.2 per cent, recreation and culture of 0.9 per cent, hotels, cafes and restaurants of 0.4 per cent and miscellaneous goods and services of 0.4 per cent.
