ToolsSept inflation slows to 7.7%Central Bank:Inflation has slowed in Trinidad and Tobago. Even though there has been some moderation in inflationary pressures, headline inflation was again on the rise last month, the Central Bank said yesterday. This is against a backdrop of "tempered expectations" of global economic recovery. In its latest repo rate statement yesterday, the Bank said headline inflation, measured by the 12-month change in retail prices, slowed to 7.7 per cent in September 2012, from 7.9 per cent in August. On a monthly basis, however, headline inflation rose by 1.1 per cent in September, following a 1.2 per cent decline in August. The moderation was due primarily to a slowdown in food inflation, the Bank said, which eased to 14.7 per cent (year-on-year) in September, from 15.4 per cent in August. Slower increases were recorded among breads and cereals, dairy and oils and fats. There was also a marked deceleration in the year-on-year increases in fruit prices in September but in contrast, increases quickened that month for vegetables and meat. "Concerns about the Euro and the impending fiscal cliff in the US have tempered expectations about a sustained global recovery and affected business confidence worldwide, including in Trinidad and Tobago," the Bank stated. "Against this background and with the effects of the last repo rate reduction still working its way through the banking system, the Bank has decided to maintain the repo rate at 2.75 per cent." The next repo rate announcement is scheduled for November 30. |
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