Mauritius year-on-year inflation rate drops to 0.9% in November 2014
The main contributors to the change in the index between October and November 2014 were vegetables, which showed an increase of 0.1 in index points, while gasoline dipped by 0.1 index points. (Image: www.pommietravels.com)
In what comes as a welcome news to consumers as they plan their festive spend, prices in the island economy appear to be following a downward trend as Mauritius’ year-on-year inflation rate fell to 0.9% in November from 1.9% a month ago, largely on the back of lower fuel rates.
According to data released by Statistics Mauritius on Friday, December 5, 2014, the year-on-year inflation rate for November 2014 as measured by the change in the CPI for November 2014 relative to November 2013, worked out to a much lower 0.9% for last month.
Accordingly, the Consumer Price Index (CPI), which stood at 105.9 in October 2014, remained unchanged in November 2014.
However, the main contributors to the change in the index between October and November 2014 were vegetables, which showed an increase of 0.1 in index points, while gasoline dipped by 0.1 index points.
Comparing sub-indices for the twelve divisions of consumption expenditure for the month of November 2014 to October 2014, the following consumption items reinforced the upward trend:
‘Restaurants and hotels’ climbed up by 1.2 index points to hit 112.7 points.
‘Clothing and footwear’ stood at 110.0 points in October 2014 and saw an increase of 0.9 index points to hit 111.0 points last month.
In addition, ‘Food and non alcoholic beverages’ and ‘Miscellaneous goods and services’ increased by 0.3 index points to attain 104.5 and 105.2 points respectively while ‘Health’ increased by 0.1 index points to reach 110.0 points in November 2014.
On the downward trend, ‘Transport’ and ‘Furnishings, household equipment and routine household maintenance’ declined by 0.8 and 0.5 index points to hit 105.1 and 102.1 points respectively.
‘Alcoholic beverages and tobacco’ decreased by 0.2 index points, against 116.6 points in October 2014 to 116.4 points in November 2014, while ‘Recreation and culture’ declined by 0.1 index point to hit 104.9 points in November 2014.
It may be noted that the year-on-year inflation rate is used by the central bank as a measure of price rise in the island economy and is used as the basis for determining monetary policy.
Finally, data released by the Statistics office also showed that Mauritius’ headline inflation rate for the twelve months ending November 2014 works out to 3.5%, same as in November 2013.