PHILIPSBURG--The Consumer Price Index (CPI) for St. Maarten in the fourth quarter of 2020 was 102.09. This represents an increase of 0.89 per cent, when compared to the third quarter of 2020. When comparing the consumer prices in the fourth quarter of 2019 with the last three months of 2020, an increase of 1.65 per cent was recorded, according to figures obtained by the Department of Statistics STAT.
For the fourth quarter of 2020, prices in seven of the 12 expenditure categories recorded increases, while five decreased in price when compared to the third quarter of the year. The increases were in the categories Food and non-alcoholic beverages (+0.23 per cent), Clothing and footwear (+1.45 per cent), Housing, water, electricity, gas and other fuels (+2.22 per cent), Communication (+2.10 per cent), Education (+0.33 per cent), Restaurants and hotels (+0.03 per cent) and Miscellaneous goods and services (+1.70 per cent).
Decreases were seen in the categories Alcoholic beverages, tobacco and narcotics (-0.44 per cent), Furnishings, household equipment and maintenance (-0.16 per cent), Health (-1.39 per cent), Transport (-1.42 per cent), and Recreation and culture (-2.73 per cent).
Based on the latest Household Budget Survey, housing, water, electricity, gas and other fuels (36.1 per cent), transport (14.6 per cent), miscellaneous goods and services (13.4 per cent) and food and non-alcoholic beverages (7.2 per cent) have the largest influence on the consumer price index, according to STAT.
For Food and non-alcoholic beverages, the cost of food went up by 0.35 per cent. This was mainly due to the increase in the prices of milk, cheese and eggs (+1.85 per cent), fruit (+3.82 per cent), vegetables (+1.03 per cent), and sugar, jam, honey, chocolate and confectionery (+1.15 per cent).
However, prices in the subcategory non-alcoholic beverages decreased by 0.45 per cent. This was driven by a decrease of -0.61 per cent in the prices of mineral water, soft drinks, fruit and vegetable juices, the STAT Office reported.
The change in the price of Housing, water, electricity, gas and other fuels was influenced by an increase in the price level of the subgroups actual rentals for housing (+5.67 per cent), maintenance and repair of the dwelling (+1.71 per cent) and electricity, gas and other fuels (+0.32 per cent). The latter subgroup was driven by an increase in the price of electricity by 0.37 per cent).
Decreases in the prices for Transport were largely impacted by the subgroups purchase of vehicles (-1.99 per cent) and transport services (-4.40 per cent). The decrease in the price level of transport services was driven by passenger transport by road (-2.96 per cent) and passenger air transport (-7.40 per cent).
The prices in the category Miscellaneous goods and services increased largely because of price level increases in the subcategories: personal care (+3.64 per cent) and personal effects (+2.73 per cent). This subgroup was driven by price increases in electrical appliances (+5.43 per cent) and other appliances, articles and products for personal care (+4.88 per cent).
STAT recorded an inflation rate of 1.65 per cent between the fourth quarter of 2019 and the fourth quarter of 2020. The rise in prices for this 12-month period was largely due to increases in the household expenditure categories Food and non-alcoholic beverages (+2.52 per cent), Housing, water, electricity, gas and other fuels (+5.48 per cent), Health (+1.68 per cent), Restaurants and hotels (+1.84 per cent), Communication (+2.85 per cent) and Miscellaneous goods and services (+3.40 per cent).
For the four expenditure categories with the highest weight on the total CPI, the prices went up in three of these categories, when compared to the same period in 2019.
Food and non-alcoholic beverages increased 2.52 per cent, mainly due to the rise in food prices in the fourth quarter of 2020 compared to the fourth quarter in 2019. In addition, prices for Housing, water, electricity, gas, and other fuels as well as Miscellaneous goods and services also increased. By contrast, the cost of Transport decreased by 5.09 per cent.
The CPI average of 2020 is 101.11, compared to the average of 100.39 for 2019. For inflation, the annual average is 0.71 per cent, compared to 0.39 per cent, which was the average in 2019, STAT said.
https://www.thedailyherald.sx/islands/stat-records-inflation-rate-of-1-65-per-cent-over-2020
