Inflation rate for February plummeted to just 0.1 percent or annualised at only 1.2 percent. The movement in the index for February 2014 resulted in a calendar year-to-date inflation of 0.6 percent.
The latest monthly out-turn is the lowest for since January and February 2011 and except for July 2012 with a negative inflation rate, no other month has come close to it.
The main contributors to the movement were the 0.2 percent advance in the index for the division Food and Non-Alcoholic Beverages, the heaviest weighted division, and increases of 0.7 percent each for the divisions Clothing and Footwear and Miscellaneous Goods and Services.
The impact of these increases however was moderated by a 1.2 percent decline in the index for the division Housing, Water, Electricity, Gas and Other Fuels as a result of the decline in the cost of electricity, water, and sewage rates. ‘Alcoholic Beverages and Tobacco’ rose by 0.2 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance 0.6 percent, ‘Health 0.2 percent, ‘Transport’ 0.1 percent.
Negligible movement was recorded for ‘Recreation and Culture’ 0.4 percent, ‘Restaurants and Accommodation Services’ 0.1 percent, ‘Miscellaneous Goods and Services’ 0.7 percent, ‘Education’ and ‘Communication’ for the period under review. There was zero inflation in the rural areas during the month.
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