By Sue-Ann Wayow
THE inflation rate has decreased for August.
The Central Statistical Office (CSO) announced that the percentage change in the average All Items Index for the period January to August 2023/January to August 2022) was 6.2%.
This represents a decrease from 6.4% which was recorded in the previous period (January to July 2023/January to July 2022).
The inflation rate for the comparative period (January to August 2022/January to August 2021) was 4.9%.
Additionally, the All Items Index of Retail Prices calculated from the prices collected for the month of August 2023 was 123.4, representing a decrease of 0.1 points or 0.1% below the All Items Index for July 2023.
According to the CSO, the Index for Food and Non-Alcoholic Beverages decreased from 147.5 in July 2023 to 147.0 in August 2023, reflecting a decrease of 0.3%.
“Contributing significantly to this decrease was the general downward movement in the prices of tomatoes, white flour, parboiled rice, melongene, ochroes, soya bean oil, other chilled or frozen chicken, celery, cheddar cheese and eddoes,” the CSO stated in a release on Friday.
The release was issued by the Ministry of Planning and Development.
The release also stated that the full impact of the price decreases was offset by the general increases in the prices of chilled or frozen beef, fresh beef, chilled or frozen pork, whole chicken-fresh, Irish potatoes, whole chicken-frozen, plantains, green pigeon peas, steak-fresh and garlic.
A further review of the data for August 2023 compared with July 2023 reflected an increase in the sub-index for Health of 0.2%.
That period also showed a decrease in the sub-index for Alcoholic Beverages and Tobacco of 0.2% and Clothing and Footwear or 0.1%.
All other sections remained unchanged, the CSO stated.
