Inflation in Trinidad and Tobago is up 0.9 per cent for May 2024, according to the Central Statistical Office (CSO), which released its consumer price index for the month on Monday (June 17).

For the period between May 2023 and May 2024, the average cost of communications increased by 8.5 per cent, healthcare up by 7.9 per cent and food and non-alcoholic rose by 3.1 per cent.

Homeownership was down by 2.1 per cent, while the categories ‘clothing and footwear and housing’, ‘water, electricity, gas and other fuels’ both declined by 2.1 per cent.

Food and non-alcoholic beverages account for 17.3 per cent of the all-items index, housing, water, electricity gas and other fuels account for 27.5 per cent of the all-items index, while transportation makes up 14.7 per cent of the index.

Inflation rate slowing over the past two years

T&T’s official statistical body said the inflation rate for the period between April 2023 and April 2024 is 0.5 per cent. The inflation rate for the period between May 2022 and May 2023 is 5.7 per cent.

Meanwhile, the index for food and non-alcoholic beverages increased from 146.1 in April 2024 to 147.4 in May 2024, reflecting an increase of 0.9 per cent. Contributing significantly to this increase was the general upward movement in the prices of white flour, tomatoes, celery, cucumber, pumpkin, parboiled rice, carrots, oranges, melongene and cabbage.

However, the full impact of these price increases was offset by the general decrease in the prices of fresh whole chicken, soya bean oil, fresh carite, table margarine, okra, fresh kingfish, onions, plantains, cornflakes and tea in bags.

A further review of the data for May 2024, compared with April 2024, reflected decreases in the sub-indices for alcoholic beverages and tobacco of 0.1 per cent, and clothing and footwear of 0.3 per cent. This period also showed an increase in the sub-index for health of 0.1 per cent.