Trinidad and Tobago's inflation rate rises to 0.5% in November

THE Central Statistical Office (CSO) has reported a slight uptick in the inflation rate for November, marking a year-on-year increase of 0.5 per cent.

This rises from October’s corresponding figure of 0.2 per cent and contrasts with the 1.1 per cent recorded in November 2023.

The Consumer Price Index (CPI) for November was 124.6, representing a modest increase of 0.2 points or 0.2 per cent from October’s 124.4. The CPI measures the average price for goods and services over time, indicating shifts in the cost of living and economic stability.

Food and non-alcoholic beverages climbed from 150.8 in October to 151.6 in November, a rise of 0.5 per cent.

Key contributors to this growth included higher prices for tomatoes, fresh carite, Irish potatoes,  chilled or frozen chicken, hot peppers, fresh king fish, pumpkin, curry, celery and garlic.

However, price declines for items including cucumber, carrots, eddoes, table margarine, fresh steak, ripe bananas, soya bean oil, oranges, dasheen and pimento helped offset the overall increase.

Other categories also saw minor adjustments.

The clothing and footwear index rose by 0.2 per cent, while the health sub-index increased by 0.1 per cent. In contrast, alcoholic beverages and tobacco prices fell by 0.2 per cent.

All other categories remained unchanged.

The inflation report points to a continued trend of moderate price increases in essential categories. Economists consider inflation a key indicator of economic health, as it affects consumer purchasing power.

A stable inflation rate suggests controlled economic conditions, while significant changes can signal economic challenges.

The CSO’s findings indicate inflationary pressures and price stabilisation factors in key sectors.