Inflation rate falls to 2.4%
The inflation rate fell to 2.4 percent in February, with the main drivers of price rises being healthcare, food and fuel costs.The Consumer Price Index measured inflation at 2.4 percent, a decrease of 0.6 percent from January’s three percent.According to the CPI report: “On a year-over-year basis the health and personal care sector was the largest contributor to the 12-month increase. The total cost of the health and personal care basket increased 6.9 percent year-over-year.“The food and fuel and power sectors also impacted strongly on the annual rate of inflation. Price shifts in these two sectors were 3.8 and 13.4 percent, respectively.”Between January and February 2012, the average cost of goods and services in the Consumer Price Index advanced 0.1 percent.The all-items index increased from 118.0 to 118.1 index points in February.“This means that the basket of goods and services that cost $100 in April 2006 now cost $118.10,” the report stated.The combined increases in fuel prices, 2.4 percent, and a 3.6 percent increase in airfares led to a one percent rise in this sector. In contrast, the average cost for overseas hotel accommodations fell ten percent.On average, food prices declined 0.2 percent in February. Among the main items contributing to the decrease were: cantaloupes (6.3 percent), fresh beef tenderloin (5.5 percent), and imported lettuce (5.5 percent).The tobacco and liquor sector rose 0.4 percent. This reflected a 1.2 percent increase in the average price of wines.The education, recreation and reading sector slipped 0.1 percent in February. This was due in part, to lower average prices for flat screen televisions (two percent) and a 1.3 percent drop in pet upkeep costs.In contrast, average costs for boat repair and maintenance increased one percent.The health and personal care, clothing and footwear and the fuel and power sector were unchanged for the month.