The Index of Retail Prices is a weighted average of the proportionate changes in the prices of a specified set or ‘basket’ of consumer goods and services between two periods of time. The RPI monitors the prices of a fixed basket of goods and services in 15 areas (locale) in Trinidad and Tobago. Monthly price surveys are conducted in groceries, shops and local markets for food and petroleum items. Price are collected quarterly for other items that are not as variable.
- The data from the Household Budget Survey (HBS) was used to determine:
- which items were selected for the basket of items monitored by the RPI;
- the weights of these items i.e. their relative importance compared with all other items in the basket and,
- the weights of the areas monitored by the RPI
Changes in the RPI can be used to assess price changes associated with the cost-of-living. The RPI is one of the most frequently used statistics for identifying periods of inflation or deflation.
components and Weights
Data Highlights for July 2021
FOOD AND NON-ALCOHOLIC BEVERAGES
The Index for Food and Non-Alcoholic Beverages increased from 122.5 in June 2021 to 123.1 in July 2021, reflecting an increase of 0.5%. Contributing significantly to this increase was the general upward movement in the prices of oranges; garlic; carite – fresh; whole chickens – fresh; pumpkin; ochroes; parboiled rice; grapes; potatoes; and salted pig tail.
However, the full impact of these price increases was offset by the general decreases in the prices of tomatoes; cucumber; table margarine; other chilled or frozen chicken; bodi; white flour; carrots; onions; lettuce; and other pasta products (not macaroni).
Price changes in this section for the month of July 2021 accounted for a net overall increase of 0.1 point in the All Items Index.
A further review of the data for July 2021 compared with June 2021 reflected an increase in the sub-index for Housing, Water, Electricity, Gas and other Fuels of 1.3%; Health of 0.1%; and Communication of 0.6%. However, a decrease was noted in the sub-index for Alcoholic Beverages and Tobacco of 0.3%. All other sections remained unchanged.
Price changes in the Other Sections for the month of July 2021 accounted for a net overall increase of 0.5 point in the All Items Index.
Changes in consumer prices in July 2021 compared with those of July 2020 reflected in various sections of the Index are shown in the table.
Percentage (%) Change in Consumer Prices in July 2021 compared to July 2020
|Food and Non-Alcoholic Beverages||4.9|
|Alcoholic Beverages and Tobacco||4.3|
|Clothing and Footwear||-2.5|
|Housing, Water, Electricity, Gas & Other Fuels||3.8|
|Water, Electricity, Gas & Other Fuels||0.0|
|Furnishings, Household equipment and routine maintenance of the house||0.0|
|Recreation and Culture||0.1|
|Hotels, Cafés and Restaurants||0.2|
|Miscellaneous Goods and Services||-0.3|
|Source: Central Statistical Office|
Retail Prices Tables
Browse Current Year Values
Food & Non-Alcoholic Beverages
Alcoholic Beverages &Tobacco
Clothing & Footwear
Water, Electricity, Gas & Other Fuels
Furnishing & Maintenance
Inflation Rate (%)
The Rate of Inflation as calculated by the Central Statistical Office (Trinidad and Tobago), is measured by the percentage change in the average All Items Index (RPI) for the current period e.g. January to July 2021 over the previous period e.g. January to July 2020.
Methodology and Usefulness
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