Rate of inflation hits all time high

POSTED: 06/26/12 12:06 PM

St. Maarten – The rate of inflation reached an all-time high of 5.5 percent in April 2012. The rate has been steadily increasing since April 2011. This is evident from the data released by the Department of Statistics (Stat) on Monday.
“Inflation has shown steady increase since April 2011 growing from 2.5 percent to 5.5 percent in April 2012. The current inflation represents the highest peak over the past 2-year period; as well as the highest inflation ever recorded over the last 20 years. The inflation recorded for April 2012 exceeds the peak recorded in October 2008 (5.1%), prior to this period a comparable inflation rate was recorded in mid-1982 (Jul-5.3%),” a release states.
According to the figures the 12-month average of consumer prices was 5.5 percent higher in April 2012 than in April 2011. This represents an increase in the inflation rate of 120 percent.

Inflation per Expenditure Category
All nine expenditure categories recorded inflation in April 2012. Housing, which is the category with the largest influence (39%), at a rate of 4.8 percent, Transportation and Communication, which is the second largest category (20%), at a rate of 4.2 percent, and Food prices went up in the double-digits by 12.8 percent. Food is the third largest category but it has the second largest contributing influence to the overall inflation rate. This is a direct result of the soaring inflation recorded in this category.

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