Higher fuel boosts inflation to 3.9%
Stabroek News
July 2, 2004
The increase in fuel prices spurred inflation to a year-to-date rate of 2.7% and an annualised rate of 3.9% as of the end of May, the Bureau of Statistics said.
In the month of May, overall price levels went up by 1.4%, as a result of the fuel price increases which impacted on "all categories of economic activity."
The food group, which is the highest weighted in the basket of goods, saw price levels going up by 2.3% as a result of increases in the prices of cereals and cereal products, pulses and pulse products, meat, fish and eggs, milk and milk products, oils and fats, condiments and spices, vegetables and vegetable products and fruits and fruit products as well as non-alcoholic beverages.
In other categories, such as transport and communication, the increases were also felt with operations of personal transport prices going up by 5.8% and airfares going up by 0.7%. Rent and maintenance and fuel and power also recorded increase in prices by 0.6% and 1.1% respectively.
There were also increases in the cost of medical and personal care by 1.8% with the consultation fee for doctors going up by 6.9% and even footwear and repairs increasing by 0.6% while other goods and services increased by 0.5%.