The All Items Index increased 5.0% for the 12-months ending July 2023; significantly larger than the 2.8% increase for the 12-months ending June 2023.
The indexes for Communication, Restaurants and Hotels and Housing, Water, Electricity, Gas and Other Fuels accounted for 58.8% of the overall inflation.
The index for Communication had the largest contribution of 24.5% with average prices increases recorded for cell phones and internet rates.
The index for Restaurants and Hotels accounted 22.9% of the increase.
The increase was driven by a 38.0% increase in the average price of meals away from home.
The index for Housing, Water, Electricity, Gas and Other Fuels accounted for 11.4%. Imputed rent was the largest contributor to the Housing, Water, Electricity, Gas and Other Fuels index of 8.7%.
The index for Food and Non-Alcoholic Beverages accounted for 29.3% of the overall inflation rate.
The Food index had the largest allocation of 26.7%.
The index for Food increased 8.3% while the index for Non-Alcohilc Beverages increased by 6.2%.
The indexes for Vegetables and Bread and Cereals accounted for 47.0% of the Food index.
The Index for Vegetables increased 9.5% while the index for Bread ad Cereals increased 10.4%.
The index for All Items Less Food and Energy rose 6.0% over the last 12-months. The Energy index declined 10.1% during the period.
The decrease was attributed to the decrease of fuel at the pump. The Fuel variation rate remained unchanged at 0.50 cents.
Month-to-Month Price Changes
The Monthly Consumer Price Index increased by 0.8% for the month ending July 2023.
The Food and Non-Alcoholic Beverages increased by 0.4% with the index for Food increasing by 0.4% over the month.
Five of the nine posted increases over the one month period. Notable increases were the indexes for Fish and Seafood (+3.8%), Milk, Cheese and Eggs (+3.4%).
The remaining increases were Bread and Cereals (+1.0%) to Meat and Meat Products (+0.3%).
In contrast, the index for Fruit recorded the largest decline of 7.7%.
The remaining indexes changes range from Oils and Fats (-0.1%) to Food Products N.E.C. (-0.6%).
The index for All Items Less Food and Energy increased 0.9% in July.
The increase was largely attributed to increases in the indexes for Restaurants and Hotels (+9.3%), Furnishings, Household Equipment and Routine Household Maintenance (+1.9%) Housing, Water, Electricity, Gas and Other Fuels (+1.8%) and Miscellaneous Good and Services (+1.8%). Several indexes declined in July, led by the Health index which fell 4.6% over the month.
The index for Recreation and Culture declined 2.5% while the index for Alcholic Beverages, Tobacco.
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