“The annual inflation rate remains negative for a fifth consecutive month”, according to the recently released consumer price index [CPI] of the Department of Statistics.
A government spokesperson said: âCabinet Office Minister Wayne Furbert released the November 2020 Consumer Price Index [CPI].
Minister Furbert said: âIn November 2020, consumers paid 0.1% less than they paid for a basket of goods and services in November 2019.
âBetween October 2020 and November 2020, the average cost of all goods and services increased by 0.1 percentage point.
âThe transportation and overseas travel sector was the main contributor to the 12-month drop in the CPI [-5.3 per cent]. The average price of hotels abroad fell 19.0% year-on-year.
âThe rental sector has also had a strong impact on the annual inflation rate [-2.2 per cent] non-rent controlled properties fell 5.4% year-on-year. In contrast, the food sector increased by 2.9% between November 2019 and November 2020. â
Minister Furbert concluded by saying: âI have said it before, but it bears repeating: our economy continues to be strongly impacted by the challenges due to the Covid-19 pandemic. However, we have a resilient economy. And despite the challenges, we’re encouraged that residents are keeping our economy running by supporting our key industries. “
âAdditional areas of note in the November 2020 CPI are:
- âThe household goods, services and supplies sector grew 0.2 percent.
- âThe tobacco and liquor industry grew 0.1 percent, reflecting a 0.5 percent increase in the average price of beer.
- âFood business prices fell 0.2 percent for the month.
- âThe health and personal care sector had no price movement for the month.
- âThe fuels and electricity sector saw no price movement for the month.
- âThe clothing and footwear sector saw no price movement for the month.
- âThe rental industry fell 0.2 percent. This drop was attributed to a 0.5% drop in the average rent for homes not subject to rent control.
- âThe education, recreation, entertainment and reading sector fell 0.2% in November. Personal computers and toys, games and hobbies fell 4.5% and 3.9% respectively. “
The full consumer price index for November 2020 follows below [PDF here]:
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