The Bureau of Statistics has noted that this year began with a 0.5% increase in the consumer items monitored in the Urban (Georgetown) Consumer Price Index (CPI) basket of goods and services.
According to the bureau, the price index value accordingly moved from 175.5 in December last year to 176.4 in January 2003.
Therefore, the year-to-date inflation rate from December 2002 to January 2003 was measured at 0.5 per cent, a release from the Bureau of Statistics said.
On an annual basis, when comparing January 2002 to January 2003, the Georgetown index rose by 7.2 per cent, the release stated.
The bureau said further that the increase in prices of 0.5% in January was primarily influenced by an overall increase in the food group, the heaviest weighted category, of 0.2 per cent.
This increase resulted from upward price movements in the sub-categories cereals and cereal products by 0.4 per cent, pulses and pulse products by 0.7 per cent, meat, fish and eggs by 0.7 per cent, milk and milk products by 0.1 per cent, fruits and fruit products by 2.8 per cent, alcoholic beverages by 0.3 per cent, and prepared meals by 0.4 per cent.
However the increase was counterbalanced by a decline in sub-categories condiments and spices (4.5%), vegetables and vegetable products (0.4%), and non-alcoholic beverages (0.7%), but this did not reverse the overall price trend in the food group, the bureau stated.
Additionally, there were also increases in the prices of other goods and services. The retail prices of the clothing group increased by 0.7 per cent, footwear and repairs group increased by 1.1 per cent, housing group by 0.1 per cent, transport and communication group by 0.5% of which sub-categories personal transport equipment rose by 0.2 per cent, operations of personal transport (gasoline) and purchased transport services by 2.3% and 0.4% respectively.
And the medical and personal care group, educational, recreational and cultural group and miscellaneous goods and services group also recorded increases of 0.2 per cent, 7.1 per cent and 1.2% respectively. These were however counterbalanced by a decrease in the furniture group (0.8%) which did not affect the overall increase, the bureau said.