TOURISM PRICE INDEX SECOND QUARTER 2003
Introduction
As the Tourism season in the BVI comes to a close, the Tourism Price Index (TPI) for the
second quarter of 2003 stood at 137.27 down 18 percentage points from
167.19 recorded in March 2003. A year earlier (June 2002) the index stood at
145.88 .
Subgroup Comparison
As a tourism season in the BVI comes to close, the quarterly comparison
of the TPI showed a significant decline. Package Travel fell by 27.55
percent, while Accommodation dropped by 21.67 percent. Food & Beverage
declined by 0.52 percent due to lower prices for provisioning products for
yachts and guest houses. Also, transportation declined by 4.51 percent due
mainly to the reduction in the prices of gasoline and car rental.
Recreation and Sporting Activities fell by 3.80 percent due to the cost of
sport fishing and rental of water sport equipment being lowered. Clothing
& Jewelry and Miscellaneous were the only two subgroups to show
increases. Clothing and Jewelry rose by 11.88 percent due to the higher
prices of Jewelry. The Miscellaneous subgroup registered a 0.37 percent
increase in the price post cards.
An Annual Comparative Overview
An annual comparison indicated an increase in all the subgroups except
for Accommodation and Recreation & Sporting Activities which
fell by 10.23 percent and 3.80 percent respectively. Package Travel remained
unchanged for the period while Food, Beverage & Tobacco increased by
0.98 percent. Clothing & Jewelry managed a 31.72 percent increase
while Transportation increased by 1.59 percent. Miscellaneous Tourism Expenses,
the last of the subgroup increased by 1.48 percent.
Rate of inflation
The rate of the TPI inflation stands at a quarterly rate of
-17.31 and an annual rate of -5.90 percent
TOURISM PRICE INDEX QUARTERLY COMPARISON
(March 1999=100)
| SUBGROUP |
WEIGHT |
MAR.
2003
INDEX |
DEC.
2002
INDEX |
QUARTERLY
COMPARISON |
MAR.
2002
INDEX |
ANNUAL
COMPARISON |
| Package
Travel |
14.36 |
92.93 |
128.26 |
-27.55 |
92.93 |
0.00 |
| Accommodation |
56.20 |
151.68 |
193.65 |
-21.67 |
168.97 |
-10.23 |
| Food &
Beverage |
18.21 |
127.86 |
128.53 |
-0.52 |
126.62 |
0.98 |
| Clothing
and Jewelry |
1.72 |
220.50 |
197.09 |
11.88 |
167.40 |
31.72 |
| Transportation |
4.03 |
112.31 |
117.61 |
-4.51 |
110.55 |
1.59 |
| Recreation
and Sporting Activities |
2.49 |
153.34 |
159.40 |
-3.80 |
159.40 |
-3.80 |
| Miscellaneous |
2.99 |
109.19 |
108.79 |
0.37 |
107.60 |
1.48 |
| All
Groups |
100.0 |
137.27 |
166.01 |
-17.31 |
145.88 |
-5.90 |
TABLE 2
QUARTERLY AND ANNUAL CHANGES IN THE AVERAGE RETAIL PRICES
FOR A SELECTED BASKET OF GOODS AND SERVICES
(US DOLLARS)
| |
Quarterly Comparison |
Annual Comparison |
| Items |
June
2003 |
March
2002 |
Price
Change |
%
Change |
June
2002 |
Price
Change |
% Change |
|
Package Travel/Package Tour |
| 1 |
Sail-Away the BVI |
1,210.00 |
1,670.00 |
-460.00 |
-27.54 |
1,210.00 |
0.00 |
0.00 |
|
ACCOMMODATION |
| 1 |
Average Room Rates |
370.06 |
517.47 |
-147.41 |
-28.49 |
427.00 |
-56.94 |
-13.33 |
| 2 |
Charter a Boat |
504.36 |
621.06 |
-116.70 |
-18.79 |
557.52 |
-53.16 |
-9.54 |
| FOOD,
BEVERAGES AND TOBACCO |
| 1 |
Food and Meals at hotel |
66.10 |
65.80 |
0.00 |
0.00 |
65.80 |
0.30 |
0.46 |
| 2 |
Food and Meals outside Hotel |
| 2a |
Breakfast |
8.75 |
8.75 |
0.00 |
- |
8.75 |
0.00 |
0.00 |
| 2b |
Lunch |
12.43 |
12.43 |
0.00 |
- |
12.41 |
0.02 |
0.16 |
| 2c |
Dinner |
29.66 |
29.66 |
0.00 |
- |
29.66 |
0.00 |
0.00 |
| 3 |
Yacht & Guest
House Provisioning |
| |
Food and Beverage ( Price Index) |
120.40 |
131.70 |
-11.30 |
-8.58 |
119.30 |
1.10 |
0.92 |
| |
Household Supplies (Price index) |
161.10 |
163.10 |
-2.00 |
-1.23 |
148.60 |
12.50 |
8.41 |
| |
Miscellaneous (Price Index) |
132.80 |
133.10 |
-0.30 |
-0.23 |
127.70 |
5.10 |
3.99 |
| CLOTHING
& JEWELRY |
| CLOTHING |
| 1 |
T-Shirts |
14.32 |
16.32 |
-2.00 |
-12.25 |
12.67 |
1.65 |
13.02 |
| 2 |
Man's and boy's pants |
22.83 |
34.99 |
-12.16 |
-34.75 |
35.00 |
-12.17 |
-34.77 |
| 3 |
Ladies and girl's dress |
65.00 |
66.33 |
-1.33 |
-2.01 |
72.00 |
-7.00 |
-9.72 |
| JEWELRY |
| 4 |
Watches |
206.00 |
210.00 |
-4.00 |
-1.90 |
140.00 |
66.00 |
47.14 |
| 5 |
Rings |
420.00 |
220.00 |
200.00 |
90.91 |
220.00 |
200.00 |
90.91 |
| TRANSPORTATION |
| 1 |
Taxi Fare |
18.00 |
18.00 |
- |
- |
18.00 |
- |
- |
| 2 |
Boat Fare |
25.00 |
25.00 |
- |
- |
25.00 |
- |
- |
| 3 |
Island Tour per person |
17.50 |
17.50 |
- |
- |
17.50 |
- |
- |
| 4 |
Car Rental (Average) |
51.20 |
57.00 |
-5.80 |
-10.18 |
46.80 |
4.40 |
9.40 |
| 5 |
Temporary Driving License |
10.00 |
10.00 |
- |
- |
10.00 |
- |
- |
| 6 |
Gasoline |
2.30 |
2.30 |
- |
- |
2.30 |
0.00 |
0.00 |
| RECREATION
& SPORTING ACTIVITIES |
| 1 |
Entertainment Recreation |
21.50 |
17.50 |
4.00 |
22.86 |
17.50 |
4.00 |
22.86 |
| 2 |
Water Sports |
255.83 |
94.17 |
161.66 |
171.67 |
87.50 |
168.33 |
192.38 |
| 2 |
Diving |
75.00 |
75.00 |
0.00 |
0.00 |
75.00 |
0.00 |
0.00 |
| 3 |
Parasailing |
55.00 |
55.00 |
- |
- |
55.00 |
- |
- |
| MISCELLANEOUS |
| 1 |
Postcards |
0.48 |
0.48 |
- |
- |
0.45 |
0.03 |
6.67 |
| 2 |
Telephone Call (Average Call) |
1.17 |
1.17 |
- |
- |
1.17 |
0.00 |
0.00 |
| 3 |
Postage Stamp (Average Cost) |
0.46 |
0.46 |
- |
- |
0.46 |
- |
- |
| 4 |
Departure Tax |
10.00 |
10.00 |
- |
- |
10.00 |
- |
- |
| 5 |
Souvenirs Ornaments |
18.25 |
18.25 |
0.00 |
0.00 |
18.25 |
0.00 |
0.00 |
|
The