(Trinidad Guardian) The average price of food and non-alcoholic beverages rose by 8.6 per cent between July 2022 and July 2023, according to the Retail Price Index (RPI) compiled by the Central Statistical Office (CSO).
The July reading of the increase in the price of food and non-alcoholic beverages is down sharply from the increase of 17.3 per cent between January 2022 and January 2023.
Food and non-alcoholic beverages account for 17.3 per cent of the RPI.
In data released yesterday, the CSO also reported that headline inflation in T&T—comprising the all-items index of the RPI—was 4.6 per cent higher in July 2023 than in July 2022.
Between January 2022 and January 2023, the all-items index increased by 8.3 per cent, according to the CSO data.
The CSO’s RPI comprises a number of components including:
• Home ownership–19.3%
• ↓Food and non-alcoholic beverages–17.3%
• ↓Transportation–14.7%
In a news release yesterday, the CSO said the all-items index of retail prices for the month of July 2023 was 123.5 which represents an increase of 0.6 points or 0.5 per cent above the All Items Index for June 2023.
It noted there was an increase in the index for food and non-alcoholic beverages, which stood at 145.3 in June 2023 but rose to 147.5 in July 2023, reflecting an increase of 1.5 per cent.
This was pushed by price increases for chilled or frozen beef, whole chicken–fresh, fresh beef, chilled or frozen pork, celery, pumpkin, tomatoes, mixed fresh seasoning, grapes and cabbage.
However, the CSO indicated that these price increases were offset by the general decreases in the prices of carite-fresh, king fish-fresh, cheddar cheese, pimento, bodi, white flour, salmon-fresh, cucumber, steak-fresh and soya bean oil.
The index also stated July 2023 saw increases in the sub-index for alcoholic beverages and tobacco of 0.5 per cent, clothing and footwear of 1.2 per cent, furnishings, household equipment & routine maintenance of the house of 0.6 per cent, health of 0.3 per cent, communication of 0.2 per cent, recreation and culture of 0.9 per cent, hotels, cafes and restaurants of 0.4 per cent and miscellaneous goods and services of 0.4 per cent.
However, there were decreases for housing, water, electricity, gas and other fuels and transport of 0.2 per cent. All other sections remained unchanged.
