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T&T records slight increase in inflation

June 18, 2024

PORT-OF-SPAIN, Trinidad, CMC – Trinidad and Tobago recorded an increase in the inflation rate for May, the Central Statistical Office (CSO) announced on Monday.

It said that the inflation rate, which measures the percentage change in the All Items Index for May 2024 over May 2023, was 0.9%, representing an increase from 0.5% recorded in the previous period, April 2024/April 2023.

The CSO said that the inflation rate for the comparative period  – May 2023/May 2022 – was 5.7%

The All Items Index calculated from the prices collected for May 2024 was 123.6, representing an increase of 0.2 points or 0.2% above the All Items Index for April 2024.

The CSO said the index for food and non-alcoholic beverages increased from 146.1 in April 2024 to 147.4 in May 2024, reflecting an increase of 0.9%

“Contributing significantly to this increase was the general upward movement in the prices of white flour, tomatoes, celery, cucumber, pumpkin, parboiled rice, carrots, oranges, melongene and cabbage.

“However, the full impact of these price increases were offset by the general decrease in the prices of fresh whole chicken, soya bean oil, fresh carite, table margarine, ochroes, fresh king fish, onions, plantains, cornflakes and tea in bags,” the CSO noted.

It said a further review of the data for May 2024 compared with April 2024 reflected decreases in the sub-indices for alcoholic beverages and tobacco of 0.1 per cent, and clothing and footwear of 0.3 per cent.

This period also showed an increase in the sub-index for Health of 0.1%.

The CSO noted that all other sections remained unchanged.

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