Same Basket of Goods & Services 1.5% More in August 2019 Compared to August 2018

Local consumers paid 1.5 percent more in August for the same basket of goods and services than they did in August 2018.

According to figures released in the August 2019 Consumer Price Index, between July 2019 and August 2019 the average cost of all goods and services declined by 0.2 percent.

“The Rent sector was the largest contributor to the year-over-year change, increasing 2.0 percent.

“Rising rental costs for properties subject to rent control and properties not subject to rent control were the main contributors to the annual increase.

“In addition, the Food and Health & Personal Care sectors also contributed to the rise in the annual rate of inflation, as price shifts in these sectors were 3.0 and 3.8 per cent, respectively.

“In contrast, the Transport & Foreign Travel sector fell 0.8 per cent followed by the Education, Recreation, Entertainment & reading sector with a 0.1 per cent decline, year-over-year.”

Highlights:

Between July and August the Rent sector climbed 0.2 percent as the average cost of home maintenance materials increased 1.4 percent
The Household Goods, Services & Supplies sector rose 0.1 percent in August
The average cost of cell phones climbed 11.3 percent
The Tobacco & Liquor sector jumped 0.2 percent in response to increases in the average cost of spirits and wines, up 0.6 percent and 0.4 percent, respectively
The Food sector declined 0.1 percent in August as the average cost of eggs, ice cream and whipping cream fell 1.5 percent, 1.0 percent and 0.5 percent, respectively
The Education, Recreation, Entertainment & Reading sector dipped 0.3 percent in August
The average cost of pleasure crafts declined 2.9 percent. The Transport & Foreign Travel sector edged back 1.7 percent
Price declines were reported in the average cost of premium fuels (-5.3 percent) and overseas car rentals (-5.4 percent)