“The annual inflation rate remains negative”



“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: “Cabinet Office Minister Wayne Furbert released the November 2020 Consumer Price Index [CPI].

Minister Furbert said: “In November 2020, consumers paid 0.1% less than they paid for a basket of goods and services in November 2019.

“Between October 2020 and November 2020, the average cost of all goods and services increased by 0.1 percentage point.

“The 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.

“The 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. ”

Minister Furbert concluded by saying: “I 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. “

“Additional areas of note in the November 2020 CPI are:

  • “The household goods, services and supplies sector grew 0.2 percent.
  • “The tobacco and liquor industry grew 0.1 percent, reflecting a 0.5 percent increase in the average price of beer.
  • “Food business prices fell 0.2 percent for the month.
  • “The health and personal care sector had no price movement for the month.
  • “The fuels and electricity sector saw no price movement for the month.
  • “The clothing and footwear sector saw no price movement for the month.
  • “The 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.
  • “The 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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