TOURISM PRICE INDEX FIRST QUARTER 2003
Introduction
The Tourism Price Index (TPI) for the first quarter of 2003 stood at 166.01
index level. This is down 0.71 percent for the 167.19 index level recorded
in December 2002. A year earlier (March 2002) the index stood at 166.61.
Subgroup Comparison
The quarterly comparison of the TPI showed a small decline in the
index. This could be due to the fear of war in the Middle East which
brought prices to a halt. Package Travel, Clothing and Jewelry, Recreation
and Sporting Activities and Miscellaneous tourism - related items all
remained unchanged for the period in review. Accommodation, which is the
largest subgroup of the TPI (weight of 56.20) decline by 1.29 percent as
hoteliers lower their rates to encourage travelers to utilize their
establishments. Food, Beverage & Tobacco rose by 0.59 percent due to
the higher prices of miscellaneous products for yachts and guest-houses.
Transportation, on the other hand, increase by 2.27 percent mainly due
to the increase in the price of gasoline and car rental.
An Annual Comparative Overview
An annual comparison of the subgroups indicated an increase in all the
subgroups except
for Accommodation which fell by 2.07 percent. Package Travel increased
by 3.09 percent while Food & Beverage & Tobacco increased by 1.46
percent. Clothing & Jewelry registered a 17.74 percent increase while Transportation
increased by 5.29. Recreation & Sporting
Activities went up by 48.14 percent while the Miscellaneous Tourism Expense
showed a 1.11 percent increase.
Rate of inflation
The TPI rate of inflation showed a quarterly rate of -0.71 and an annual rate of
-0.36 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 |
128.26 |
128.26 |
0.00 |
124.42 |
3.09 |
| Accommodation |
56.20 |
193.65 |
196.19 |
-1.29 |
197.74 |
-2.07 |
| Food &
Beverage |
18.21 |
128.53 |
127.77 |
0.59 |
126.68 |
1.46 |
| Clothing
and Jewelry |
1.72 |
197.09 |
197.09 |
0.00 |
167.39 |
17.74 |
| Transportation |
4.03 |
117.61 |
115.00 |
2.27 |
111.70 |
5.29 |
| Recreation
and Sporting Activities |
2.49 |
159.40 |
159.40 |
0.00 |
107.60 |
48.14 |
| Miscellaneous |
2.99 |
108.79 |
108.79 |
0.00 |
107.60 |
1.11 |
| All
Groups |
100.0 |
166.01 |
167.19 |
-0.71 |
166.61 |
-0.36 |
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 |
March
2003 |
Dec.
2002 |
Price
Change |
%
Change |
Mar
2002 |
Price
Change |
% Change |
|
Package Travel/Package Tour |
| 1 |
Sail-Away the BVI |
1,670.00 |
1,670.00 |
- |
- |
1,620.00 |
50.00 |
3.09 |
|
ACCOMMODATION |
| 1 |
Average Room Rates |
517.47 |
529.85 |
(12.38) |
(2.34) |
558.87 |
(41.40) |
(7.41) |
| 2 |
Charter a Boat |
621.06 |
665.00 |
(43.94) |
(6.61) |
495.17 |
125.89 |
25.42 |
| FOOD,
BEVERAGES AND TOBACCO |
| 1 |
Food and Meals at hotel |
66.10 |
65.80 |
0.30 |
0.46 |
65.80 |
0.30 |
0.46 |
| 2 |
Food and Meals outside Hotel |
| 2a |
Breakfast |
8.75 |
8.75 |
- |
- |
8.75 |
- |
- |
| 2b |
Lunch |
12.43 |
12.41 |
0.02 |
- |
12.41 |
0.02 |
0.16 |
| 2c |
Dinner |
29.66 |
29.66 |
- |
- |
29.66 |
- |
- |
| 3 |
Yacht & Guest
House Provisioning |
| |
Food and Beverage ( Price Index) |
131.70 |
119.60 |
12.10 |
10.12 |
119.30 |
12.40 |
10.39 |
| |
Household Supplies (Price index) |
163.10 |
162.70 |
21.40 |
16.58 |
149.60 |
13.50 |
9.02 |
| |
Miscellaneous (Price Index) |
133.10 |
134.70 |
(1.60) |
(1.19) |
127.80 |
5.30 |
4.15 |
| CLOTHING
& JEWELRY |
| CLOTHING |
| 1 |
T-Shirts |
16.32 |
16.32 |
- |
- |
12.67 |
3.65 |
28.81 |
| 2 |
Man's and boy's pants |
34.99 |
29.95 |
5.04 |
16.83 |
35.00 |
(0.01) |
(0.03) |
| 3 |
Ladies and girl's dress |
66.33 |
66.33 |
- |
- |
72.00 |
(5.67) |
(7.88) |
| JEWELRY |
| 4 |
Watches |
210.00 |
210.00 |
- |
- |
140.00 |
70.00 |
50.00 |
| 5 |
Rings |
220.00 |
220.00 |
- |
- |
220.00 |
- |
- |
| 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) |
57.00 |
57.00 |
- |
- |
49.30 |
7.70 |
15.62 |
| 5 |
Temporary Driving License |
10.00 |
10.00 |
- |
- |
10.00 |
- |
- |
| 6 |
Gasoline |
2.30 |
2.30 |
- |
- |
2.21 |
0.09 |
4.07 |
| RECREATION
& SPORTING ACTIVITIES |
| 1 |
Entertainment Recreation |
17.50 |
17.50 |
- |
- |
17.50 |
- |
- |
| 2 |
Water Sports |
94.17 |
94.17 |
- |
- |
87.50 |
6.67 |
7.62 |
| 2 |
Diving |
75.00 |
75.00 |
- |
- |
56.50 |
18.50 |
32.74 |
| 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 |
0.07 |
5.98 |
| 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 |
0.25 |
1.37 |
18.25 |
- |
- |
|
The