Inflation levels extend climb after rising 3.1% in Feburary

The price of basic utilities rose for the second consecutive month.

Inflation levels rose 3.1% YoY in February hitting consumers right in the hip pocket as the price of basic utilities and food jumped for the second consecutive month this year, according to latest figures from the Census & Statistics Department. 

Electricity, gas and water rose 10.9% YoY amidst a low base of comparison due to last year’s special fuel rebate in electricity. The price of food also rose 4.6% YoY as bad weather conditions pushed vegetable prices up.

Meals bought away from home, clothing and footwear, housing, transport and alcoholic drinks and tobacco also rose 3.6%, 3.5%, 2.5%, 2.1% and 0.1% respectively in February.

Only the price of durable goods dipped 2.8% over the same period.

A government spokesperson noted that inflation pressure may continue rising over the course of the year amidst sustained economic expansion.