THE Consumer Price Index for January 2024 reveals a notable shift in various sectors, with an overall Inflation Rate of 0.3%.
This marks a decrease from the previous period (December 2023/ December 2022), which recorded a rate of 0.7%. Notably, the comparative period (January 2023/ January 2022) reported a significantly higher Inflation Rate of 8.3%.
In a statement on Tuesday, the Central Statistical Office (CSO) disclosed adjustments to key economic indicators, aiming to align with international standards.
The Index of Retail Prices (RPI) will now be referred to as the Consumer Price Index (CPI), while the Year On Year (YOY) Inflation Rate will be the Official Rate, ensuring uniformity in reporting with both The Central Bank of Trinidad and Tobago and the CSO.
The All Items Index, calculated from prices collected in January 2024, stands at 124.0. This represents a marginal decrease of 0.1 point or 0.1% compared to December 2023. A breakdown of the index highlights diverse trends in specific categories.
The Index for Food and Non-Alcoholic Beverages experienced a slight uptick, rising from 147.3 in December 2023 to 147.4 in January 2024, indicating a 0.1% increase. This shift is attributed to a general upward movement in the prices of certain items, including fresh whole chicken, soya bean oil, tomatoes, and various fresh produce. However, the impact of these increases was mitigated by decreases in the prices of celery, oranges, cabbage, and other items.
Further analysis of the data for January 2024 compared to December 2023 reveals noteworthy changes in sub-indices. Alcoholic Beverages and Tobacco decreased by 0.2%, while Housing, Water, Electricity, Gas, and Other Fuels decreased by 0.6%. Home Ownership saw a decline of 0.7%, and Furnishings, Household Equipment, and Routine Maintenance of the House decreased by 2.0%. Transport and Recreation and Culture also experienced decreases of 0.3% and 0.4%, respectively.
On the other hand, Clothing and Footwear increased by 1%, Rent by 0.2%, Health by 1.2%, Communication by 3%, Hotels, Cafes and Restaurants by 0.9%, and Miscellaneous Goods and Services by 0.3%. Notably, other sections remained unchanged during this period.
