The Tribune

THE Bahamas National Statistical Institute has reported a slight increase in the inflation rate for August 2024, with prices rising by 0.1 percent compared to July.

This follows a 0.1 percent decline recorded between June and July, reflecting modest changes in the cost of goods and services purchased by the average consumer.

Several categories saw price increases in August. Communication costs rose by 2.1 percent, while prices for furnishing and household equipment increased by 1.0 percent. Recreation and culture, along with food and non-alcoholic beverages, recorded a 0.6 percent rise. In contrast, the restaurant and hotel sector saw a decline of 2.0 percent, and other major categories experienced little to no change.

The Consumer Price Index for August also showed a 0.6 percent decline compared to the same period in 2023. This drop was influenced by significant decreases in furnishing and household equipment, transportation, recreation and culture, and clothing and footwear, which fell by 3.6 percent, 3.5 percent, 2.4 percent, and 2.6 percent respectively.

Meanwhile, the education category recorded a 4.9 percent increase, and food and non-alcoholic beverages rose by 3.5 percent over the same period.

Fuel prices presented a mixed picture for August. Diesel prices increased by 0.8 percent from July but declined by 1.4 percent compared to August 2023. Gasoline prices fell by 0.5 percent from the previous month and were 4.6 percent lower year-on-year. The average cost of gasoline was $5.59 per gallon, while diesel stood at $5.08 per gallon.

Food and non-alcoholic beverages remained one of the most affected categories, with its index climbing to 138.70 in August. Communication costs also rose significantly, reaching an index of 108.33, while the restaurant and hotel sector saw its index drop to 142.44, reflecting the largest monthly decrease among major categories.