TOURISM PRICE INDEX FIRST QUARTER 2004
Introduction
The Tourism Price Index (TPI) for the first quarter of 2004 stood at an
index level of 174.15, down 1.34 percent from the 176.52 index recorded on
December 2003. A year earlier (March 2003) the index stood at 166.01.
Subgroup Comparison
The quarterly comparison of the TPI showed a small decline in the index
level which was caused by decreases in the following subgroup: Package
Travel declined by 2.99 percent; and Accommodation declined by 2.10
percent as hoteliers lowered their rates in an effort to encourage
travelers to their establishments. Food, Beverage & Tobacco, on the
other hand, rose by 1.24 percent due to the higher cost of dinner and
miscellaneous provisioning products for yacht and guesthouse. Clothing
& Jewelry rose by 0.19 percent as the price of men's travel pants and jewelry
rose. Transportation also increased by 1.62 percent due mainly to the
increase in the price of gasoline and car rental . The Recreation &
Sporting Activity subgroup rose by 13.57 percent as sporting activities
become more popular in the BVI. The Miscellaneous subgroup fell by 5.27
percent as a result of a decrease in souvenir prices.
Annual
An annual comparison of the subgroups indicated an increase in all the
subgroups except
for Package Travel and Transportation which fell by 2.99 and 0.74 percent
respectively. Accommodation rose by 7.10 percent, while Food, Beverage & Tobacco increased by
0.01 percent. Clothing & Jewelry recorded a 10.19 percent increase and
a 7.35 percent increase was realised in the Recreation & Sporting
Activities subgroup. Miscellaneous Tourism Expense rose by 11.11 percent increase.
Rate of inflation
The rates of inflation for the TPI stood a quarterly rate of -1.34
percent and an annual rate of 4.90 percent .
TOURISM PRICE INDEX QUARTERLY COMPARISON
(March 1999=100)
| SUBGROUP |
WEIGHT |
MAR.
2004
INDEX |
DEC.
2003
INDEX |
QUARTERLY
COMPARISON |
MAR.
2003
INDEX |
ANNUAL
COMPARISON |
| Package
Travel |
14.36 |
124.42 |
128.26 |
-2.99 |
128.26 |
-2.99 |
| Accommodation |
56.20 |
207.40 |
211.84 |
-2.10 |
193.65 |
7.10 |
| Food &
Beverage |
18.21 |
128.54 |
126.97 |
1.24 |
128.53 |
0.01 |
| Clothing
and Jewelry |
1.72 |
217.17 |
216.77 |
0.19 |
197.09 |
10.19 |
| Transportation |
4.03 |
116.74 |
114.88 |
1.62 |
117.61 |
-0.74 |
| Recreation
and Sporting Activities |
2.49 |
171.12 |
150.67 |
13.57 |
159.40 |
7.35 |
| Miscellaneous |
2.99 |
120.87 |
127.60 |
-5.27 |
108.79 |
11.11 |
| All
Groups |
100.0 |
174.15 |
176.52 |
-1.34 |
166.01 |
4.90 |
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 |
March
2004 |
Dec.
2003 |
Price
Change |
%
Change |
Mar
2003 |
Price
Change |
% Change |
|
Package Travel/Package Tour |
| 1 |
Sail-Away the BVI |
1,620.00 |
1,670.00 |
-50.00 |
-2.99 |
1,670.00 |
-50.00 |
-2.99 |
|
ACCOMMODATION |
| 1 |
Average Room Rates |
566.61 |
601.92 |
-35.31 |
-5.87 |
517.47 |
49.14 |
9.50 |
| 2 |
Charter a Boat |
597.99 |
666.78 |
-68.79 |
-10.32 |
621.06 |
-23.07 |
-3.71 |
| FOOD,
BEVERAGES AND TOBACCO |
| 1 |
Food and Meals at hotel |
66.10 |
66.10 |
0.00 |
0.00 |
66.10 |
0.00 |
0.00 |
| 2 |
Food and Meals outside Hotel |
| 2a |
Breakfast |
8.75 |
8.75 |
0.00 |
- |
8.75 |
0.00 |
0.00 |
| 2b |
Lunch |
11.47 |
11.46 |
0.01 |
- |
12.43 |
-0.96 |
-7.73 |
| 2c |
Dinner |
31.84 |
30.25 |
1.59 |
- |
29.66 |
2.18 |
7.35 |
| 3 |
Yacht & Guest
House Provisioning |
| |
Food and Beverage ( Price Index) |
121.00 |
120.90 |
0.10 |
0.08 |
131.70 |
-10.70 |
-8.12 |
| |
Household Supplies (Price index) |
156.00 |
155.10 |
0.90 |
0.58 |
163.10 |
-7.10 |
-4.35 |
| |
Miscellaneous (Price Index) |
133.70 |
133.70 |
0.00 |
0.00 |
133.10 |
0.60 |
0.45 |
| CLOTHING
& JEWELRY |
| CLOTHING |
| 1 |
T-Shirts |
14.33 |
14.32 |
0.01 |
0.07 |
16.32 |
-1.99 |
-12.19 |
| 2 |
Man's and boy's pants |
26.50 |
23.33 |
3.17 |
13.57 |
34.99 |
-8.50 |
-24.28 |
| 3 |
Ladies and girl's dress |
65.00 |
65.00 |
0.00 |
0.00 |
66.33 |
-1.33 |
-2.01 |
| JEWELRY |
| 4 |
Watches |
213.33 |
206.67 |
6.66 |
3.22 |
210.00 |
3.33 |
1.59 |
| 5 |
Rings |
408.50 |
407.50 |
1.00 |
0.25 |
220.00 |
188.50 |
85.68 |
| TRANSPORTATION |
| 1 |
Taxi Fare |
18.00 |
18.00 |
- |
- |
18.00 |
- |
- |
| 2 |
Boat Fare |
19.50 |
22.50 |
-3.00 |
-13.33 |
25.00 |
-5.50 |
-22.00 |
| 3 |
Island Tour per person |
17.50 |
17.50 |
- |
- |
17.50 |
- |
- |
| 4 |
Car Rental (Average) |
56.80 |
56.80 |
- |
- |
57.00 |
-0.20 |
-0.35 |
| 5 |
Temporary Driving License |
10.00 |
10.00 |
- |
- |
10.00 |
- |
- |
| 6 |
Gasoline |
2.41 |
2.42 |
-0.01 |
-0.41 |
2.30 |
0.11 |
4.78 |
| RECREATION
& SPORTING ACTIVITIES |
| 1 |
Entertainment Recreation |
22.00 |
22.00 |
- |
- |
17.50 |
4.50 |
25.71 |
| 1 |
Sports Fishing Activities |
550.00 |
455.83 |
94.17 |
20.66 |
455.83 |
94.17 |
20.66 |
| 2 |
Day Trip |
76.00 |
56.50 |
19.50 |
34.51 |
56.50 |
19.50 |
34.51 |
| 2 |
Diving |
79.11 |
80.00 |
-0.89 |
-1.11 |
80.00 |
-0.89 |
-1.11 |
| 3 |
Parasailing |
55.00 |
55.00 |
- |
- |
55.00 |
- |
- |
| MISCELLANEOUS |
| 1 |
Postcards |
0.52 |
0.52 |
- |
- |
0.48 |
0.04 |
8.33 |
| 2 |
Telephone Call (Average Call) |
0.98 |
1.17 |
-0.19 |
-16.05 |
1.17 |
-0.19 |
-16.05 |
| 3 |
Postage Stamp (Average Cost) |
0.46 |
0.46 |
- |
0.54 |
0.46 |
- |
0.54 |
| 4 |
Departure Tax |
20.00 |
20.00 |
- |
- |
10.00 |
10.00 |
100.00 |
| 5 |
Souvenirs Ornaments |
18.25 |
18.25 |
- |
- |
18.25 |
- |
- |
|
The