2016/2017 Data Shows Inflation Rate Increase

The statistical division has released the country’s latest inflation rate, which has increased by 2.9% in June when compared to one year prior. Inflation is the process of rising prices, resulting in diminishing purchasing power of a given amount of money.

According to the report, over the last twelve months the Food Index rose 1.9% as six of the nine food group indexes increased. The Index for Airlines Fares to Puerto Rico increased by 4.1% and the Index for Furnishings, Supplies and Operations rose 1.4%.

The data however showed that Energy price has remained unchanged at 0.0%. It said the prices for Gasoline at the Pump, Electricity and Cooking Gas were also unchanged.

In June 2017 compared to Jun 2016, 1 of the 11 main expenditure categories recorded price decreases, while 8 recorded price increases. 20 of the 26 subgroup levels also recorded price increases for some of the items that fall in that level. These collective increases and decreases would account for the magnitude and direction of the current inflation rate.

The date from the statistical division shows that after months of deflation in the Consumer Price Index in 2016, rates are showing signs of a gradual increase when compared to this year.

 

 

News Reporter

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