Inflation rises to 0.7% in January, driven by food prices

Trinidad and Tobago’s inflation rose in January, with the Central Statistical Office (CSO) reporting a rate of 0.7 per cent, up from 0.5 per cent in December.

This marks an increase from the 0.3 per cent inflation rate recorded for the same period in 2024.

The CSO's Consumer Price Index (CPI) report said the all items index for January stood at 124.9, reflecting a 0.2 per cent increase from the previous month.

The CPI, which measures changes in the prices of a basket of goods and services, is a key indicator of inflation and consumer purchasing power.

The latest data suggests a modest increase in inflationary pressure, driven primarily by fluctuations in food prices and selected consumer goods.

Over the past two years, the overall inflation rate has remained relatively low, but has shown a gradual upward trajectory.

The all items index was 124.0 in January 2024 and 123.6 in January 2023.

In January the food and non-alcoholic beverages index rose by 0.5 per cent to 153.2, compared to 152.4 in December.

This increase was driven by rising prices of cucumber, fresh carite, ochroes, pumpkin, pimento, garlic, fresh king fish, frozen whole chicken, soya bean oil and cabbage.

However, these increases were partially offset by declines in the prices of tomatoes, fresh whole chicken, Irish potatoes, oranges, carrots, green sweet peppers, eggs, ice cream, onions and celery.

The index for this category was 147.4 in January 2024 and 150.3 in January 2023.

Other sectors also recorded price changes.

The alcohol and tobacco index increased by 0.3 per cent, from 152.4 in December to 153.2 in January.

The clothing and footwear index saw a 0.3 per cent rise, moving from 128.9 to 129.3. The recreation and culture index increased by 0.3 per cent to 126.1, while the miscellaneous goods and services index climbed by 0.4 per cent to 126.3.

The health index rose by 0.1 per cent to 120.2; transport by 0.1 per cent to 157.4; and the hotels, cafes and restaurants index edged upward by 0.1 per cent to 121.0.

Conversely, the furnishings, household equipment and routine house maintenance index fell by 0.4 per cent, decreasing from 112.9 in December to 112.5. Indices for housing, water, electricity, gas and other fuels, communication, and education remained unchanged.