Inflation rate rises to 3.1%
The inflation rate has continued to climb, hitting 3.1 percent in November, its highest point for nine months, up from 2.9 percent in October.The food sector edged up 0.2 percent during November with the main items contributing to the price increase being green peppers (up 5.6 percent), cantaloupe (up 5.5 percent) and frozen chicken parts (up 4.7 percent), according to figures released by the Department of Statistics yesterday.Household supplies increased 0.3 percent, the fuel and power sector edged up 0.1 percent and the tobacco and liquor sector saw an increase of 0.1 percent.The transport and vehicles sector saw the biggest monthly decline of 4.9 percent in the areas monitored by the Consumer Price Index, with overseas travellers enjoying reduced airfares (down 16 percent) and hotel rates (down 13.3 percent).Consumers also paid less for fuel as the price of gasoline decreased by 0.5 percent.The basket of goods and services which cost $100 in April 2006 now costs $118.20.