Inflation Rate Up by 1.5% in Third Quarter of 2014

"The Consumer Price Index (CPI) recorded an increase of 1.5 percent in the quarter ending September 2014 compared to a year ago."

The Consumer Price Index (CPI) recorded an increase of 1.5 percent in the quarter ending September 2014 compared to a year ago.

⫿I am pleased to note that despite the upswing in local economic activity, the inflation rate remains moderate,??? stated the Minister for Finance and Economic Development, Honourable Marco Archer. ⫿This is also slightly lower than the 1.7 percent inflation rate recorded in the United States for the same quarter,??? he further noted.

A number of major items contributed to the modest increase in the CPI, led by household equipment and routine maintenance (7.8%). This category includes household textiles and services for routine household maintenance such as residential housework, baby-sitting, and fumigation services.

The price index for housing and utilities increased slightly by 1.4 percent. Actual rentals averaged higher by 3.8 percent due to an upward movement for one-bedroom units. Water supply and miscellaneous services rose by 2.8 percent while electricity, gas and other fuels moved up by 1.1 percent.