Tuesday, May 17, 2005

Opposition highlights inflation figures

Utility charges

GSLP/Liberal Alliance Opposition has said it notes that the rate of inflation in the first quarter of this year has been 1.5% and says this is equivalent to an annual rate of 6%. A spokesman said:

“The main contributory factor to this acceleration of the rate of inflation appears to be the increases in Utility charges introduced by the Government on 01 April 2005.

This has caused the Housing component of the Index to shoot up by 3.13% over the level on 01 January. This is the equivalent of an annual inflation rate for this component of 12.52% and gives an indication of the effect of these increases.”

The Opposition adds that overall effect is that the inflation in retail prices for the financial year from 01 April 2004 to 01 April 2005 is 3.1%, since prices have been rising more slowly in to months to December 2004. “However, the likely effect is that this rate will go higher during the course of the current year,” they said.

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