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Introduction The Consumer Price Index (CPI) for the month of December 2001 stood at 126.7, while for both the previous month (November 2001) and the previous quarter (September 2001) stood at 126.8. A half-year earlier (June 2001) the index stood at 126.9, while one year ago for the period, (December 2000) the index stood at 124.8. Monthly Comparison The subgroups mainly responsible for the decline in the monthly index were: (i) Furniture & Household Supplies which decreased by 0.86 percent due mainly to the fall in prices of mattresses, gas ranges and dinette sets, (ii) Clothing & Footwear which showed the largest decreased by 2.53 percent as a result of lower prices for ladies dresses, boys' shirts and infant clothing, (iii) Services which declined by 0.50 percent due to the downward prices of aspirin/paracetamol. Although overall the index registered a decline , Food, Beverage & Tobacco increased by 0.51 percent due to the higher prices of tinned tuna, potatoes and Vegetables oils. Housing increased 0.53 percent which was as a result of the increase in prices of cement galvanized sheets and home insurance. The Transportation subgroup increased by 1.74 percent and this was due to the increase in Taxi fares and vehicle tires. The Miscellaneous subgroup remained unchanged for the period being considered Quarter Comparison. The decline in the quarterly comparison of the CPI was mainly due to a 2.53percent decline in the Clothing and Footwear subgroups, a 0.93 percent decrease in Furniture & Household Supplies and a decline of 0.42 percent in Services. The other subgroups indicated increases for the period ( September - December, 2001). Food , Beverage & Tobacco rose by 0.42 percent, Housing increased by 0.53, Transportation went up by 1.74 percent and the Miscellaneous subgroup rose by 0.63 percent. Half- Year Comparison The half- yearly comparison between June and December of 2001, indicated both significant increases and decreases. The subgroups Food, Beverage and tobacco, Housing, Furniture & Household Supplies and Transportation indicted increases of 1.11,0.53,0.68, and 1.74 percent respectively, while Clothing and Footwear, Services and Miscellaneous showed declines of 5.16,0.34 and 1.15. These fluctuating movements in the index resulted in marginal declines of 0.16 percent for the period considered. Annual Comparison On an annual comparison, the Clothing and Footwear was the only subgroup that indicated a decrease, falling by 2.20 percent. All the other subgroups indicted significant increases. Food, Beverage & Tobacco rose by 2.69 percent, Housing 0.53 percent, Furniture & Household Supplies recorded the largest increase of 4.63 percent, while Transportation with 2.67 percent followed by Services with 0.59 percent. The Miscellaneous recorded a 0.16 percent increase. Rate of Inflation The point-to-point monthly, quarterly, half-year and annual rate of inflation stood at -0.08, -0.08, -0.16 and 1.52 percent respectively. TABLE 1
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