Mauritius inflation rate remains stable from March to April 2014
In addition, according to the Bank of Mauritius (BoM) latest report on inflation, the annual inflation of the island economy for 2014 is expected to range between 3.9 percent and 4.4 percent. (Image: Business Mega)
According to data released by Statistics Mauritius, the headline inflation rate for April 2014 stayed the same at 4%, compared to March 2014.
Also, inflation rate for the twelve months ending April 2014 works out to 4.0%, compared to 3.6% for the twelve months ending April 2013.
The main contributors to the change in the index between March and April 2014 (107.7) were: vegetables, which show a decrease of 0.3 points, fish on the other hand showed an increase of 0.1, other food products increased by 0.1 and finally other goods and services increased by 0.1.
According to the Bank of Mauritius, this spike in prices is due to temporary shocks on the price of basic food items, following bad climate conditions in the first two months of 2014.
In term of sub-indices, changes in the twelve divisions of consumption expenditure for the month of April 2014 compared to March 2014 are: Food and non alcoholic beverages -0.3, Alcoholic beverages and tobacco -0.3, Clothing and footwear +0.6, Furnishings, household equipment and routine household maintenance +0.1, Health +0.3, Recreation and culture +1.3, Restaurants and hotels -0.3, and finally, Miscellaneous goods and services +0.3.
The year-on-year inflation rate for April 2014, as measured by the change in the CPI for April 2014 relative to April 2013, works out to 4.2%. It may be noted that this is the rate that is used by the central bank in policy making.
In addition, according to the Bank of Mauritius (BoM) latest report on inflation, the annual inflation of the island economy for 2014 is expected to range between 3.9 percent and 4.4 percent.
The Central Bank based its forecast on the expected growth of Mauritius economy in line with the prediction of the International Monetary Fund (IMF) which said in April that the country’s economy will grow at the rate of 3.6 percent.
Finally, in making its forecast for this year’s inflation rate, BoM noted that it expected the temporary shocks on the price of basic food items to disappear.