Mauritius sees year-on-year inflation rise to 2.2% in March from 2% in Feb 2015
Motor vehicles recorded a hike in prices between February and March 2015, even as vegetable and food prices were on a declining trend.(Image: motors.mega.mu)
Mauritius saw a rise in prices last month, as year-on-year inflation increased from 2% in February to 2.2% in March 2015.
Between February and March 2015, motor vehicles recorded a hike in prices, even as vegetable and food prices were on a declining trend.
Incidentally, year-on-year inflation in the island economy has been on the upturn so far this year, rising from a low of 0.7% in January 2015, to 2% in February 2015, and now 2.2% in March 2015.
It may be noted that year-on-year inflation rate for March 2015 measures the change in the CPI for March 2015 relative to March 2014.
The Consumer Price Index (CPI), which stood at 107.7 in March 2014, registered a net increase on a year-on-year basis to reach 110.1 in March 2015, while month-on-month, it decreased by 0.6 points in March 2015 compared to 110.7 basis points in February 2015.
The sub-indices for the twelve divisions of consumption expenditure for the month of March 2015 compared to February 2015 show that alcoholic beverages and tobacco segment recorded the largest change in the index on a monthly basis, with a 0.2% increase.
Housing, water, electricity, gas and other fuels — followed by transport, education and clothing & footwear — recorded 0.1% rise in the index on a monthly basis.
On the other hand, products which saw a decline in prices over the period were food and non-alcoholic beverages which recorded the largest drop in the index by 0.2% followed by communication and furnishings, household equipment & routine household maintenance, which dipped by 0.8% and 0.7% each respectively.
Other divisions reporting a dip in the index were health, which went down by 0.1%, together with recreation & culture and other miscellaneous goods and services, which witnessed declines of 0.3% and 0.4% respectively.
The index remained constant for restaurants and hotels on a month-on-month basis, holding at 113.0 points.
The report from Statistics Mauritius also showed that the headline inflation rate for the twelve months ending March 2015 worked out to 2.4%, compared to 4.0% for the twelve months ending March 2014.
Finally, the central bank, in the Monetary Policy Committee (MPC) meeting held on Monday, 06 April 2015, indicated that inflation in the island economy was under control, and was likely to hover around 3% for the year 2015.