MARCH QUARTER 2008
According to March quarter 2008, Consumer Price Index All Groups was 106.1, up by 5.9% over March quarter 2007 and a further increase of 1.9% over December quarter 2007. Similarly the “underlying CPI” increased at the rate of 1.3% over March quarter 2007 and it continued to increase by 1.1% over December quarter 2007.
The percentage change over the quarter in the CPI group chart recorded significant price increase in the Household Operation group with 2.8%. Major contributors to the upward trend of the Household Operation group were the increase in prices of items in the Home Furnishing Subgroup, (up by 11.9%) similarly with electricity rates in the Fuel & Light Subgroup (up by 5.9%).
Food & Housing groups showed notable increases of 2.2% and 2.1% respectively. In the Food Group, Cereal Products Subgroup rose by 8.6%, which was mainly driven by the increase in the price of bread, where as in the Housing group, price increases occurred in the Rent & Mortgages Subgroup, up by 3.0%.
Minor increases were observed in the Transport and Tobacco & Alcohol groups with 1.8% and 1.4% respectively.
To offset increases over the quarter were declines in the Apparel and Miscellaneous groups, down by 0.3% and 0.2% respectively.
The annual average inflation rate increased by 3.5% in the year to March 2008.
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