Inflation in October 2016

Inflation, as measured by the change in the National Consumer Price Index (NCPI) (2013=100), which is compiled by the Department of Census and Statistics, increased to 5.0 per cent in October 2016 from 4.7 per cent in September 2016, on year-on-year basis. Both Food and Non-food categories contributed towards the year-on-year inflation in October 2016.

The change in the NCPI measured on an annual average basis increased to 4.0 per cent in October 2016 from 3.8 per cent in September 2016.

When the monthly change is considered, the NCPI increased from 113.5 index points in September 2016 to 114.7 index points in October 2016. This monthly increase was mainly due to the increase in prices of the items in the Food category. Within the Food category, prices of rice, coconuts, limes and vegetables increased during the month. Furthermore, prices in Alcoholic Beverages and Tobacco; Clothing and Footwear; Furnishing, Household Equipment and Routine Household Maintenance; Recreation and Culture; Restaurants and Hotels and Miscellaneous Goods and Services sub-categories also increased during October 2016. Meanwhile, prices in Housing, Water, Electricity, Gas and Other Fuels; Health; Transport; Communication and Education subcategories remained unchanged during the month.

The NCPI Core inflation, which reflects the underlying inflation in the economy remained unchanged at 5.7 per cent in October 2016 compared to September 2016, on both year-on-year and Annual Average basis.


Published Date: 

Monday, November 21, 2016