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Inflation slips to 2.4%

The inflation rate hit 2.4 percent during April down from 2.5 percent in March driven by the rising cost of healthcare, according to the latest Government figures.The Department of Statistics’ Consumer Price Index also revealed that the average cost of goods rose 1.3 percent between March and April.The biggest contributor to the 12-month increase was the health and personal care sector, which advanced 8.2 percent year-over-year due to higher health insurance premiums that came into effect in April.The rent and fuel and power sectors also pushed up the annual rate of inflation with price shifts of 1.5 percent and 8.1 percent respectively.The health and personal care sector was up 6.6 percent in April in response to a 10.8 percent rise in the average price of health insurance premiums.Shoppers forked out more money on clothing and footwear as the sector edged up 4.7 percent for the month, led by a 47 percent and 3.9 percent rise in the cost of women’s and men’s clothing respectively. Jewellery prices also increased by 15.4 percent.Motorists also paid more for products and services as the transport and vehicle sector climbed 3.8 percent in April as premium and mixed blend fuels rose 4.5 percent and 4.7 percent respectively.Airfare costs increased 8.4 percent along with hotel accommodation prices which advanced 12.5 percent. In contrast, the capital cost of motorcycles and cars fell by 3.4 percent and 1.3 percent respectively.The education, recreation and reading sector, meanwhile, inched up 0.2 percent for the month as a result of a 4.5 percent rise in the cost of boat fuel and a one percent increase in pet cost and upkeep.There was some better news for consumers as the food sector declined 0.6 percent in April, reflecting price decreases in grocery stores, the most notable of which were frozen spare ribs, eggs and pastas, which were down 8.5 percent, six percent and 4.4 percent respectively.The household goods, services and communications sector also slipped 0.1 percent, impacted by a 2.4 percent decrease in the cost of furniture.All of the other sectors remained unchanged for the month.