October sees second highest inflation rate this year

MONDAY, DECEMBER 12: What do airfares, jewellery and beef tenderloin have in common?

They were all leading indicators in a month-to-month rise in the inflation rate from September to October.

October’s inflation rate was the second highest for 2011. The Consumer Price Index was up 2.9 per cent in October, trailing only February’s 3.2 rate of inflation increase.

So far the inflation rate for 2011 is 2.64 per cent.

In the year-on-year average, the Health and Personal Care sector was up 7.1 per cent while the Fuel and Power sector rose 13.3 per cent. The Food sector increased 2.7 per cent.

In the month-to-month analysis conducted by Government’s Statistics Department, the Transport and Vehicles sector climbed 1.5 per cent from September to October.

Airfares were up 14.2 per cent while overseas hotel accommodation was down 3.6 per cent.

The Food sector was up 0.4 per cent with the increased cost of spare ribs (+8.6 per cent), beef tenderloin (+7.8 per cent) and carrots (+4.5 per cent).

The Rent sector advanced 0.1 per cent. Once again rent-controlled property prices were up (0.3 per cent), while non-rent controlled properties showed decreases.

Consumers paid 4.1 per cent more for dental services while eye-care costs were down by 5.2 per cent.