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
Components and Weights
Data Highlights for October 2021
FOOD AND NON-ALCOHOLIC BEVERAGES
The Index for Food and Non-Alcoholic Beverages increased from 126.8 in September 2021 to 129.6 in October 2021, reflecting an increase of 2.2%. Contributing significantly to this increase was the general upward movement in the prices of whole chickens – fresh; tomatoes; pumpkin; cabbage; hot peppers; soya bean oil; other chilled or frozen chicken (parts); tea-in-bags; bodi; and potatoes.
However, the full impact of these price increases was offset by the general decreases in the prices of brown sugar; ochroes; eddoes; powdered milk – full cream; onions; carrots; orange; banana – ripe; eggs; and white flour.
Price changes in this section for the month of October 2021 accounted for a net overall increase of 0.5 point in the All Items Index.
A further review of the data for October 2021 compared with September 2021 reflected increases in the sub-indices for Housing, Water, Electricity, Gas & Other Fuels of 2.3%, Furnishings, Household Equipment & Routine Maintenance of the House of 2.4%, Health of 0.9%, Transport of 1.6%, Recreation and Culture of 0.2%, Hotels, Cafés and Restaurant of 1.0%, and Miscellaneous Goods and Services of 0.4%. However decreases were noted in the sub-indices for Alcoholic Beverages and Tobacco of 0.3%, and Clothing and Footwear of 0.3%. All other sections remained unchanged.
Price changes in the Other Sections for the month of October 2021 accounted for a net overall increase of 1.2 point in the All Items Index
Changes in consumer prices in October 2021 compared with those of October 2020 reflected in various sections of the Index are shown hereunder:
Percentage (%) Change in Consumer Prices in October 2021 compared to October 2020
|Food and Non-Alcoholic Beverages||7.6|
|Alcoholic Beverages and Tobacco||3.1|
|Clothing and Footwear||-1.6|
|Housing, Water, Electricity, Gas & Other Fuels||6.2|
|Water, Electricity, Gas & Other Fuels||0.0|
|Furnishings, Household equipment and routine maintenance of the house||2.7|
|Recreation and Culture||0.5|
|Hotels, Cafés and Restaurants||1.2|
|Miscellaneous Goods and Services||0.2|
|Source: Central Statistical Office|
Index number in statistics is the measurement of change in a variable or variables across a determined period.
The base period refers to the reference period (month) in which the index number series begins to be calculated. It is therefore the period in which the index is set to 100.0.
The weights reflect the relative importance of the goods and services as measured by their shares in the total items in the basket.
Retail Prices Data 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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