Department of Statistics Ministry of Finance P. O. Box N-3904 Nassau, Bahamas

Transcription

1 Department of Statistics Ministry of Finance P. O. Box N-3904 Nassau, Bahamas

2 FOREWORD This publication represents the 23 rd Annual Review of Consumer Prices published by the Department of Statistics. It is the continuation of the Department s annual series of reports that commenced in 1974 with a view to providing an overall assessment of general consumer price movements in New Providence and Grand Bahama. The consolidation of the indices that measure the consumer price movements in New Providence and Grand Bahama represent an All Bahamas Index. This review of prices is divided into five parts:- part one examines the movements of the price levels in New Providence; part two monitors the Grand Bahama s price movements; part three focuses on the price movements as depicted by the All Bahamas Index ; part four consists of miscellaneous related statistics for New Providence and Grand Bahama and part five showcases additional interesting pricing statistics for New Providence and it concludes with a brief explanation of the Consumer Price Index. The Department of Statistics anticipates that this review will prove most useful to Government Officials, businessmen, trade unionists, International organizations\agencies, students and private users. Charles Stuart Director of Statistics i

3 TABLE OF CONTENTS PAGE Foreword Table of Contents i ii-vi Introduction 1 PART ONE: ANALYSIS OF THE NEW PROVIDENCE CONSUMER PRICE INDEX 1.1 The All Items Index Analysis of Major Groups 2 TABLES: NEW PROVIDENCE Table 1: Consumer Price Indices by Major Groups; New Providence: : Monthly Percentage Changes by Major Groups; New Providence: : Quarterly Percentage Changes by Major Groups; New Providence: : Annual Percentage Changes by Major Groups; New Providence: : All Items Indices; New Providence: : Monthly Percentage Changes in the All Items Indices; New Providence: : Annual Percentage Changes in the All Items Indices; New Providence: : Average Annual Percentage Changes in the All Items Indices: New Providence: : Average Annual Consumer Price Index Level by Major Groups; New Providence: : Average Annual Percentage Changes in the New Providence Consumer Price Index by Major Groups: : Consumer Price Indices by Major Groups, Sub-Groups and Items; New Providence: ii

4 Table 12: Average Prices for Selected Items; New Providence: : Percentage Changes in the Consumer Price Indices by Minor Groups; New Providence: Selected Periods 28 CHARTS: NEW PROVIDENCE Chart 1a: Annual Percentage Comparison in the All Items Index Between the Yearover-year and the Average Annual Rate of Inflation; New Providence: January December b: Annual Percentage Changes in Selected Major Groups; New Providence: January December PART TWO: ANALYSIS OF THE GRAND BAHAMA CONSUMER PRICE INDEX Part 2.1 The All Items Index 32 Part 2.2 Analysis of Major Groups 32 TABLES: GRAND BAHAMA Table 14: Consumer Price Indices by Major Groups; Grand Bahama: : Monthly Percentage Changes by Major Groups; Grand Bahama: : Quarterly Percentage Changes by Major Groups; Grand Bahama: : Annual Percentage Changes by Major Groups; Grand Bahama: : All Items Indices; Grand Bahama: : Monthly Percentage Changes in the All Items Indices; Grand Bahama: : Annual Percentage Changes in the All Items Indices; Grand Bahama: : Average Annual Percentage Changes in the All Items Indices; Grand Bahama: : Average Annual Consumer Price Index Levels by Major Groups; Grand Bahama: : Average Annual Percentage Changes in the Grand Bahama Consumer Price Index by Major Groups: : Consumer Price Indices by Major Groups, Sub-Groups and Items; Grand Bahama: iii

5 Table 25: Average Prices for Selected Items; Grand Bahama; : Percentage Changes in the Consumer Price Indices by Minor Groups; Grand Bahama: Selected Periods 56 CHARTS: Chart 2a: GRAND BAHAMA Annual Percentage Comparison in the All Items Index Between the Year-over year and the Average Annual Rate of Inflation; Grand Bahama: January December b: Annual Percentage Changes in Selected Major Groups; Grand Bahama: January December PART THREE: ANALYSIS OF THE ALL BAHAMAS CONSUMER PRICE INDEX 3.1 The All Items Index Analysis of Major Groups 60 TABLES: ALL BAHAMAS Table 27: Consumer Price Indices by Major Groups; All Bahamas: : Monthly Percentage Changes by Major Groups; All Bahamas: : Quarterly Percentage Changes by Major Groups; All Bahamas: : Annual Percentage Changes by Major Groups; All Bahamas: : All Items Indices; All Bahamas: : Monthly Percentage Changes in the All Items Indices; All Bahamas: : Annual Percentage Changes in the All Items Indices; All Bahamas: : Average Annual Percentage Changes in All Items Indices; All Bahamas: CHARTS: Chart 3a: ALL BAHAMAS Annual Percentage Comparison in the All Items Index Between the Year-over-year and the Average Annual Rate of Inflation; All Bahamas: January December b: Annual Percentage Changes in Selected Major Groups; All Bahamas: January December iv

6 PART FOUR: MISCELLANEOUS RELATED STATISTICS FOR NEW PROVIDENCE AND GRAND BAHAMA Monthly and Annual Household Expenditure for New Providence and Grand Bahama 68 Table 35A: Monthly Estimated Family Expenditure by Major Groups; New Providence: B: Monthly Estimated Family Expenditure by Major Groups: New Providence: A: Annual Estimated Family Expenditure by Major Groups; New Providence: B: Annual Estimated Family Expenditure by Major Groups: New Providence: A: Monthly Estimated Family Expenditure by Major Groups; Grand Bahama: B: Monthly Estimated Family Expenditure by Major Groups; Grand Bahama: A: Annual Estimated Family Expenditure by Major Groups; Grand Bahama: B: Annual Estimated Family Expenditure by Major Groups; Grand Bahama: The Purchasing Power of the 2004 Bahamian Dollar 77 Table 39A: Purchasing Power of the Bahamian Dollar; New Providence: B: Purchasing Power of the 1995 Bahamian Dollar; Grand Bahama: PART FIVE: Appendix A-1: Appendix A-2: Appendix A-3: APPENDICES Average Prices for Selected Items; New Providence: Selected Years Average Quarterly Prices for Selected Items; New Providence: Selected Quarters The Consumer Price Index by Major Groups; New Providence: Selected Periods 83 v

7 Part Five Continued Appendix A-4: Average Consumer Prices for Selected Items; December 2003 Compared with December 2004; New Providence 84 Appendix A-5 Brief Explanation of the Consumer Price Index 86 vi

8 INTRODUCTION THE GLOBAL SITUATION At the global level, consumer prices increased fairly slightly by 3.69% in 2003 compared to 3.42% in For the Industrial Countries as a group, consumer prices increased at the rate of 1.89%, a 0.42 of a percentage point increase over During the 12-month period (2002 to 2003), the United States and the United Kingdom s rates showed increases 1.59% to 2.27% and 1.63% and 2.91%, respectively. Germany and Trinidad & Tobago s rates experienced decreases between 2002 and Germany dropped to 1.05% in 2003 from 1.37% resulting in a 23.36% decrease and Trinidad & Tobago s rate fell to 3.81% from 4.14%, noting a small decrease of 7.97% in the rate. The Developing Countries experienced a slight increase in the rate of 1.39% from 5.75% in 2002 to 5.83% in In the Caribbean region, several of the countries experienced lower inflation in 2003 compared to Trinidad & Tobago was one these countries. However, in Jamaica, the rate jumped from 7.1% in 2002 to 10.30% in 2003, representing a 45.07% increase and for Barbados, consumer prices rose from 0.15% in 2002 to 1.58% in In The Bahamas, consumer prices increased 3.03% in 2003, a 0.85 of a percentage point increase over ANNUAL MOVEMENTS IN THE CONSUMER PRICE INDEX FOR SELECTED COUNTRIES: COUNTRY World Industrial Countries Developing Countries Bahamas* United States United Kingdom Canada Japan Germany Jamaica Trinidad & Tobago Barbados Source: International Financial Statistics Yearbook * These figures were obtained based on the Department of Statistics, Bahamas calculations. 1

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10 ANALYSIS OF THE NEW PROVIDENCE CONSUMER PRICE INDEX (OCTOBER/NOVEMEBER 1995) 1.1 All Items Index During 2004, the rate of inflation, as measured by the movements in the New Providence Consumer Price Index compounded over the latest twelve month period decreased from 2.87% in January 2004 to 1.62% in July and it further dropped slightly to a level of 1.19% in December The year-over-year change decreased from 1.12% at the beginning of the year to a low of 0.59% in July However, by the end of year of the year, the year-over-year change stood at 1.91%, slightly higher than at the beginning of the year. A comparison of 2003 and 2004 revealed that the Furniture & Household Operations component contributed 57.28% to the overall increase in the All Items Index followed by the Food & Beverages and Transport & Communications components which contributed 23.75% and 20.87%, respectively. 1.2 Analysis of Major Groups The Medical Care & Health component registered the largest annual percentage increase in 2004, 6.07% followed by Food & Beverages, 3.68%; Transportation & Communications, 3.26%; Education, 2.22%; Housing, 1.31%; Clothing & Footwear, 0.47%; Recreation & Entertainment, 0.45%; Furniture & Household Operations, 0.29% and Other Consumption Expenditure, 0.08%. Increased charges for hospital and other medical services, 12.95% and professional services, 7.42% were primarily responsible for the 6.07% increase in the Medical Care & Health Index. Food and Beverages prices rose 3.68% during the year. Contributing to this increase were higher prices for fresh vegetables, 13.31%; meats and poultry, 6.01%; milk, milk products (excluding butter) and eggs, 5.25% and fats and oils, 5.16%. During 2004, there was a 3.26% in Transport & Communications. There were advances in the charges for transport services, 19.05% and operation of personal transport equipment, 4.71%. Fees and other school charges climbed 4.73% leading to the advancement in the Education Index. Increases in the prices of repairs to clothing and footwear, 12.77%; girls footwear, 8.07% and baby diapers, 4.67% impacted the minute rise in the Clothing & Footwear component. 2

11 The Recreation & Entertainment Index crept up 0.45% during the year. Increases in entertainment, recreational and cultural services, 1.17% influenced this miniature change in the Index. The major group Furniture & Household Operations increased slightly by 0.29% reflecting a rise in furniture, fixtures and floor coverings, 2.64% and domestic services, 0.92%. Higher tobacco prices, 4.84% resulted in the increase in the Other Consumption Expenditure Index. 3

12 TABLE 1: CONSUMER PRICE INDICES BY MAJOR GROUPS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 =100) MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 2: MONTHLY PERCENTAGE CHANGES BY MAJOR GROUPS; NEW PROVIDENCE: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS

13 TABLE 3: QUARTERLY PERCENTAGE CHANGES BY MAJOR GROUPS; NEW PROVIDENCE: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 4: ANNUAL PERCENTAGE CHANGES BY MAJOR GROUPS; NEW PROVIDENCE: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS

14 TABLE 5: ALL ITEMS INDICES; NEW PROVIDENCE: (October/November 1995 = 100) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

15 TABLE 6: MONTHLY PERCENTAGE CHANGES IN THE ALL ITEMS INDICES; NEW PROVIDENCE: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

16 TABLE 7: ANNUAL PERCENTAGE CHANGES IN THE ALL ITEMS INDICES; NEW PROVIDENCE: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

17 TABLE 8: AVERAGE ANNUAL PERCENTAGE CHANGES IN THE ALL ITEMS INDICES: NEW PROVIDENCE: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

18 TABLE 9: AVERAGE CONSUMER PRICE INDEX LEVEL BY MAJOR GROUPS; NEW PROVIDENCE: (OCT/NOV 1995 = 100) Groups WEIGHT Food and Beverages Clothing and Footwear Housing Furniture & Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services All Items Discrepancies in figures are due to rounding in calculations. 10

19 TABLE 10: AVERAGE ANNUAL PERCENTAGE CHANGES BY MAJOR GROUPS; NEW PROVIDENCE: (OCT/NOV 1995 = 100) Index Group WEIGHT Food and Beverages Clothing and Footwear Housing Furniture & Household Operation Medical Care and Health Transport and Communication Recreation and Entertainment Education Other Goods and Services All Items

20 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG FOOD AND BEVERAGES CEREALS AND BAKERY PRODUCTS Flour and prepared flour mixes Cereal foods and breakfast cereals Grits Rice Pasta White bread Other bread Cakes, pastries and cupcakes Other cereals and bakery products MEATS AND POULTRY Steak Roast beef Stew beef Ground beef Corned beef Other beef Lamb Veal Bacon Pork chops Ribs Ham Other pork Organ meats Fresh whole chicken Fresh and frozen chicken parts Turkey

21 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Other poultry Hot dog Other meats Sausage/salami MARINE PRODUCTS Fresh and frozen fish Conch Crawfish Crabs Canned fish and seafood Other marine products FATS AND OILS Butter Margarine Non-dairy substitutes and peanut butter Cooking oils Salad dressings Other fats and oils MILK, MILK PRODUCTS (except butter), EGGS Fresh milk and cream Canned milk Dried milk Cheese Ice cream and related products Other milk products Eggs Baby milk

22 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG FRESH FRUITS Apples Bananas Oranges Grapefruits Limes/lemons Tangerines Grapes Pineapples Avocados Other fresh fruits Coconuts FRESH VEGETABLES Potatoes Onions Peas and beans Lettuce Tomatoes Cabbages Cucumbers Sweet peppers Carrots Plantains Other fresh vegetables PROCESSED FRUITS Frozen fruit and juices Fruit juices other than frozen Canned and dried fruits

23 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG PROCESSED VEGETABLES Frozen vegetables Canned vegetables (except tomato paste & pigeon peas) Dried vegetables Tomato paste Pigeon peas SUGAR, JAM AND CONFECTIONARIES Sugar and artificial sweeteners Candy, chocolate and chewing gums Jams and jellies Other confectionaries MEALS OUTSIDE THE HOME Take-away meals Sit-down meals FOOD NOT ELSEWHERE CLASSIFIED Canned and packaged soup Frozen prepared food Snacks Seasonings, olives, vinegar and relish Tomato catsup, mustard and hot sauce Other condiments Miscellaneous foods Nuts Baby food

24 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG NON-ALCOHOLIC BEVERAGES Soft drinks Mineral water Coffee, tea and cocoa Other non-alcoholic drinks ALCOHOLIC BEVERAGES Beer Other alcoholic drinks CLOTHING AND FOOTWEAR BABY DIAPERS Baby diapers BOYS' CLOTHING Coats, suits and jackets Trousers, jeans and shorts Underwear, nightwear and accessories Sweaters, pullovers and shirts Sports wear, swimwear and separates GIRLS' CLOTHING Coats, suits, jackets and dresses Separates, swimwear and sportswear Underwear, nightwear and accessories Sweaters, pullovers and shirts

25 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Trousers, jeans and shorts MEN'S CLOTHING Suits, coats and jackets Sweaters, pullovers and shirts Trousers, jeans and shorts Sportswear, swimwear and separates Underwear, nightwear and accessories WOMEN'S CLOTHING Coats, suits, jackets and dresses Sportswear, swimwear and separates Underwear, nightwear and accessories Sweaters, pullovers and shirts Trousers, jeans and shorts SEWING MATERIALS AND NOTIONS Sewing materials and notions REPAIRS TO CLOTHING AND FOOTWEAR Repairs to clothing and footwear BOYS' FOOTWEAR Boys' footwear GIRLS' FOOTWEAR Girls' footwear

26 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG MEN'S FOOTWEAR Men's footwear WOMEN'S FOOTWEAR Women's footwear HOUSING RENTS PAID Rentals, unfurnished Rentals, furnished/partly furnished & other rental costs NET RENTAL VALUE OF OWNER OCCUPIED HOUSING Net rental value of owner occupied & other housing expenditure FUEL AND POWER Electricity Gas/tank, service and installation Other fuels and liquid fuels Water charges Garbage disposal FURNITURE, FURNISHINGS & HOUSEHOLD EQUIPMENT AND OPERATIONS FURNITURE, FIXTURES AND FLOOR COVERINGS Bedroom furniture

27 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Living room furniture Dining room furniture Nursery equipment Carpets and floor coverings Clocks, lamps and decor items Other furniture and fixtures HOUSEHOLD TEXTILES AND OTHER FURNISHINGS Bed linen Table linen Towels Curtains, drapes, slipcovers, shower curtains & blinds Other household textiles and furnishings Repairs to household textiles, furnishings & services HOUSEHOLD APPLIANCES Refrigerator and home freezer Laundry equipment Stoves and other heating appliances Small electric appliances Outdoor equipment Other household appliances Repairs to household appliances and furniture Air-conditioners GLASSWARE, TABLEWARE AND HOUSEHOLD UTENSILS Glassware Crockery and china

28 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Cutlery and silverware Saucepans and cooking pots Other household utensils HOUSEHOLD OPERATION EXPENDITURE NOT ELSEWHERE CLASSIFIED Household cleaning appliances Paper and paper appliances Lawn and garden supplies Miscellaneous household products Household laundry and dry-cleaning services DOMESTICS SERVICES Baby sitters Domestic help & other domestic services MEDICAL CARE AND HEALTH MEDICAL AND PHARMACEUTICAL PRODUCTS Medical and pharmaceutical products PROFESSIONAL SERVICES Physician services Dental services Nursing services Eye specialists Medical laboratories Other professional services

29 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG HOSPITAL AND OTHER MEDICAL SERVICES Hospital room charges Accident and health insurance Other hospital and medical health services TRANSPORT AND COMMUNICATIONS PERSONAL TRANSPORT EQUIPMENT New cars Used cars Bicycles and motorcycles Boats OPERATION OF PERSONAL TRANSPORT EQUIPMENT Tyres and tubes Parts and accessories Gasoline, oil, greases and fluids Repairs of personal transport equipment & services Vehicle insurance Vehicle inspection and license Drivers' licenses and permits Parking fees/bridge toll & towing services Car cleaning services TRANSPORT SERVICES Bus fare Taxi fare Airfare & freight

30 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Boat and ship fares, freight & other expenditure on transport equipment COMMUNICATION SERVICES Postage Telephone rental Other communication services RECREATION, ENTERTAINMENT and CULTURAL EQUIPMENT and SERVICES EQUIPMENT AND ACCESSORIES FOR RECREATION AND ENTERTAINMENT Radios, records players, tape recorders, stereos and cds Televisions, video cassette recorders Other sound equipment Photographic supplies and equipment Musical instruments Sporting goods and equipment Toys and hobbies Pet supplies and expenses Other recreational goods Repairs to recreational and other entertainment goods Satellites and other antennas Computers, video game equipment & video camcorder Records, tapes and cds ENTERTAINMENT, RECREATIONAL AND CULTURAL SERVICES

31 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Movie fares Fees for participant sports Other admission fees Packaged tours Rental of cars Other equipment and cultural services Rental of video tapes, sales and services Motel room rates/charges BOOKS AND OTHER READING MATERIALS (EXCLUDING SCHOOL BOOKS) Newspapers Magazines and periodicals Books Other reading materials EDUCATION FEES AND OTHER CHARGES Elementary tuition High school tuition College tuition Other school charges Music, dance school fees, vocational and adult education tuition SCHOOL BOOKS AND SUPPLIES School books Writing and drawing equipment Other school supplies OTHER CONSUMPTION EXPENDITURE

32 TABLE 11: CONSUMER PRICE INDICES BY MAJOR GROUPS, SUB-GROUPS AND ITEMS; NEW PROVIDENCE: 2004 (OCTOBER/NOVEMBER 1995 = 100) ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG PERSONAL CARE Beauty parlor services Barber shop services Products for the hair, hairpiece and wigs Dental, shaving products & toothpaste Cosmetics, bath, nail preparation, manicure and eye make-up implements Other toilet goods Small personal appliances Perfume/cologne Sanitary pads PERSONAL EFFECTS AND OTHER PERSONAL GOODS Jewellery, watches and precious stones Handbags Suitcases and travel bags Other personal goods, repairs to personal effects & personal goods TOBACCO Cigarettes Cigars Pipe tobacco/other tobacco products GOODS AND SERVICES NEC Legal fees Funeral fees Life Insurance National insurance contribution & other financial services

33 TABLE 12: AVERAGE PRICES FOR SELECTED ITEMS NEW PROVIDENCE: $B NAME UNIT Flour 5 lbs Breakfast cereal 18 ozs Oatmeal 14 ozs Grits 5 lbs Rice 5 lbs Macaroni (pasta) 16 ozs Bread (white) Large Ground beef 1 lb Corned beef 12 ozs Tin Lamb chops 1 lb Pork chops 1 lb Ham (whole) 1 lb Chicken (whole) 1 lb Turkey (whole) 1 lb Juices (not frozen) 46 ozs Turkey wings and drumsticks 1 lb Fresh & frozen fish 1 lb Hot dog 12 ozs Conch 1 lb Canned tuna 6 ozs Canned milk 14 ozs Margarine 1 lb N/A Cooking oils 16 ozs Mayonnaise 32 ozs Salad dressing 8 ozs Shortening 16 ozs Women's footwear a pair

34 TABLE 12: AVERAGE PRICES FOR SELECTED ITEMS NEW PROVIDENCE: $B NAME UNIT Men's footwear a pair Women's sweaters, pullovers & shirts each Men's sweaters, pullovers & shirts each Bedroom unfurnished apartment Per Month New cylinder filled (propane gas) 100 lbs Fresh milk 1/2 gal Slice cheese 6 ozs Ice-cream 1/2 gal Eggs (large) 1 doz Baby milk 450 g Apples each Bananas 1 lb Oranges each Irish potatoes 5 lbs Onions 3 lbs Lettuce A head Tomatoes 1 lb Cabbage 1 lb Black pepper seasoning 2 ozs Season all seasoning 3.25 ozs Catsup/Ketchup 14 ozs Coffee 2 ozs Dishwashing liquid 32 ozs Detergent powder 500 g

35 TABLE 12: AVERAGE PRICES FOR SELECTED ITEMS NEW PROVIDENCE: $B NAME UNIT Toilet tissue 4 rolls(pack) Aspirin 12 count Shampoo 15 ozs Tooth paste 6.4 ozs Sanitary pads 10 count Deodorant 3 ozs Dog food 14 ozs Wine 0.2 litres Chicken snack order Conch snack order Boil fish order Tooth extraction Adult Filling (silver) Adult Eye examination Per Visit Gasoline-Premium 1 gal Diesel 1 gal Gas treatment 12 ozs Brakes fluid 12 ozs Nassau-Grand Bahama Round Trip Nassau-Miami Round Trip Steel casket, 2 limos & complete services Funeral Fees 3, , , , , Full coverage popular casket coverage (oak/wood) Funeral Fees 7, , , , , Refrigerator 14 Cubic Feet Stove Apt Size Pre-School Monthly Fees

36 TABLE 13: PERCENTAGE CHANGES IN THE CONSUMER PRICE INDICES BY MINOR GROUPS; NEW PROVIDENCE: SELECTED PERIODS ITEMS Dec Jan-Apr Feb DEC DEC %Change JAN APR %Change FEB FEB %Change FOOD AND BEVERAGES Cereal and bakery products Meats and poultry Marine products Fats and oils Milk, milk products (except butter), eggs Fresh fruits Fresh vegetables Processed fruits Processed vegetables Sugar, jam and confectionaries Meals outside the home Food not elsewhere classified Non-alcoholic beverages Alcoholic beverages CLOTHING AND FOOTWEAR Baby diapers Boys' clothing Girls' clothing Men's clothing Women's clothing Sewing materials & notions Repairs to clothing and footwear Boys' footwear Girls' footwear Men's footwear Women's footwear HOUSING Rents paid Net rental value of owner occupied housing & other housing expenditure Fuel and power FURNITURE AND HOUSEHOLD OPERATIONS Furniture, fixtures and floor coverings

37 TABLE 13: PERCENTAGE CHANGES IN THE CONSUMER PRICE INDICES BY MINOR GROUPS; NEW PROVIDENCE: SELECTED PERIODS ITEMS Dec Jan-Apr Feb DEC DEC %Change JAN APR %Change FEB FEB %Change Household textiles and other furnishings Household appliances Glassware, tableware and household utensils Household operation expenditure nec Domestic services MEDICAL CARE AND HEALTH Medical and pharmaceutical products Professional services Hospital and other medical services TRANSPORT AND COMMUNICATIONS Personal transport equipment Operation of personal transport equipment Transport services Communication services RECREATION AND ENTERTAINMENT Equipment and accessories for recreation Entertainment, recreational and cultural services Books and other reading materials EDUCATION Fees and other charges School books and supplies OTHER CONSUMPTION EXPENDITURE Personal care Personal effects and other personal goods Tobacco Goods and services nec

38 CHART 1(a) ANNUAL PERCENTAGE COMPARISON IN THE ALL ITEMS INDEX BETWEEN THE YEAR-OVER-YEAR AND THE AVERAGE ANNUAL RATE OF INFLATION; NEW PROVIDENCE: JANUARY - DECEMBER PERCENTAGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS YEAR-OVER-YEAR AVERAGE ANNUAL 30

39 CHART 1 (b) ANNUAL PERCENTAGE CHANGES IN SELECTED MAJOR GROUPS; NEW PROVIDENCE: JANUARY - DECEMBER PERCENTAGE CHANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS FOOD MEDICAL CARE & HEALTH EDUCATION ALL ITEMS 31

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41 ANALYSIS OF THE GRAND BAHAMA CONSUMER PRICE INDEX (OCTOBER/NOVEMEBER 1995) 2.1 All Items Index Grand Bahama s consumer prices increased 2.91% for the period ending December 2004 more than twice the rate experienced in New Providence for the same period. Based on price movements compounded over the latest twelve month period, an average annual rate of 2.12% was produced for The year-over-year change stood at 1.87% at the beginning of the year. By April, it had decreased to 1.44% but in August 2004, the rate climbed to 2.99% and it then declined to 2.90% by the end of Medical Care & Health contributed 27.61% to the overall change in the All Items Index. Housing, Transport & Communications and Food & Beverages followed 19.76%, 17.45% and 15.84%, respectively. 2.2 The Analysis of Major Groups All nine major groups were posted for increases. Like New Providence, the Medical Care & Health component also registered the largest annual percentage increase in 2004, 12.77%; Other Expenditures, 3.24%; Food & Beverages, 3.03%; Furniture & Household Operations, 2.81%; Transport & Communications, 2.58%; Housing, 2%; Clothing & Footwear, 0.95%; Recreation & Entertainment, 0.73% and Education, 0.69%. The rate of increase in Medical Care & Health stood at 12.77% at the end of In this category, the cost of professional services rose by 6.64% followed by medical and pharmaceutical products, 5.12% and hospital and other medical services, 4.28%. Contributing to the rise in the Other Expenditures Index were goods and services not elsewhere classified, 11.06%. During 2004, the Food & Beverages group increased 3.03%. Contributing to this increase were higher prices for fresh vegetables, 13.61%; marine products, 10.67%; fresh fruits, 9.10% and processed vegetables, 6.93%. Higher prices for the following items:- household textiles and other furnishings, 3.22%; domestic services, 2.22% and glassware, tableware and household utensils, 2.03% advanced the Furniture & Household Operations Index by 2.81% at the end of Transportation services increased 9.12% exerting upward pressure on the Transport & Communications Index, 2.58%. The Housing group rose 2% during the year. Fuel and power costs, 9.67% were the sole contributors to the increase in this group. 32

42 Sewing material and notions, 9.48% and baby diapers, 3.14% were the contributing items which led the Clothing & Footwear Index to a 0.95% increase in Increases in entertainment and recreational services, 14.97% and books and other reading materials, 0.64% led to the slight rise of 0.73% in the Recreation & Entertainment Index. Fees and other school charges jumped 32.09% influencing the slight increase of 0.69% in the Education Index. NB: Due to the hurricane devastation, prices were not collected in Grand Bahama during the months of September and October

43 TABLE 14: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 (OCTOBER/NOVEMBER 1995 =100) MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. *Sept. *Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 15: MONTHLY PERCENTAGE CHANGES BY MAJOR GROUPS; GRAND BAHAMA: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS

44 TABLE 16: QUARTERLY PERCENTAGE CHANGES BY MAJOR GROUPS; GRAND BAHAMA: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 17: ANNUAL PERCENTAGE CHANGES BY MAJOR GROUPS; GRAND BAHAMA: 2004 MAJOR GROUP WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS

45 TABLE 18: ALL ITEMS INDICES; GRAND BAHAMA: (October/November 1995 = 100) YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

46 TABLE 19: MONTHLY PERCENTAGE CHNAGES IN THE ALL ITEMS INDICES; GRAND BAHAMA: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

47 TABLE 20: ANNUAL PERCENTAGE CHANGES IN THE ALL ITEMS INDICES; GRAND BAHAMA: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

48 TABLE 21: AVERAGE ANNUAL PERCENTAGE CHANGES IN THE ALL ITEMS INDICES: GRAND BAHAMA: YEAR JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG

49 TABLE 22: AVERAGE ANNUAL CONSUMER PRICE INDEX LEVELS BY MAJOR GROUPS; GRAND BAHAMA: (OCT/NOV 1995 =100) Groups WEIGHT Food and Beverages Clothing and Footwear Housing Furniture & Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services All Items

50 TABLE 23: AVERAGE ANNUAL PERCENTAGE CHANGES BY MAJOR GROUPS; GRAND BAHAMA: Index Group WEIGHT Food and Beverages Clothing and Footwear Housing Furniture & Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services All Items

51 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG FOOD AND BEVERAGES CEREALS AND BAKERY PRODUCTS Flour and prepared flour mixes Cereal foods, breakfast cereals Grits Rice Pasta White bread Other bread Cakes, pastries and cupcakes Other cereals and bakery products MEATS AND POULTRY Steak Roast beef Stew beef Ground beef Corned beef Other beef Lamb Veal Bacon Pork chops Ribs Ham Other pork Organ meats Fresh whole chicken Fresh and frozen chicken parts Turkey Other poultry Hot dog Other meats Sausage/salami MARINE PRODUCTS Fresh and frozen fish Conch Crawfish Crabs Canned fish and seafood Other marine products

52 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG FATS AND OILS Butter Margarine Non-dairy substitutes and peanut Cooking oils Salad dressings Other fats and oils MILK, MILK PRODUCTS (except Fresh milk and cream Canned milk Dried milk Cheese Ice cream and related products Other milk products Eggs Baby milk FRESH FRUITS Apples Bananas Oranges Grapefruits Limes/lemon Tangerines Grapes Pineapples Other fresh fruits (avocados & FRESH VEGETABLES Potatoes Onions Peas and beans Lettuce Tomatoes Cabbages Cucumbers Sweet peppers Carrots Plantains Other fresh vegetables PROCESSED FRUITS

53 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Frozen fruit and juices Fruit juices other than frozen Canned and dried fruits PROCESSED VEGETABLES Frozen vegetables Canned vegetables (except tomato Dried vegetables Tomato paste Pigeon peas SUGAR, JAM AND Sugar and artificial sweeteners Candy, chocolate and chewing gums Jams and jellies Other confectionaries MEALS OUTSIDE THE HOME Take-away meals Sit-down meals FOOD NOT ELSEWHERE Canned and packaged soup Frozen prepared food Snacks Seasonings, olives, vinegar and relish Tomato catsup, mustard and hot sauce Other condiments Miscellaneous foods Nuts Baby food NON-ALCOHOLIC BEVERAGES Soft drinks Mineral water Coffee, tea and cocoa Other non-alcoholic drinks ALCOHOLIC BEVERAGES Beer Other alcoholic drinks

54 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG CLOTHING AND FOOTWEAR BABY DIAPERS Baby diapers BOYS' CLOTHING Coats, suits and jackets Trousers, jeans and shorts Underwear, nightwear and Sweaters, pullovers and shirts Sportswear, swimwear and separates GIRLS' CLOTHING Coats, suits, jackets and dresses Separates, swimwear and sportswear Underwear, nightwear and Sweaters, pullovers and shirts Trousers, jeans and shorts MEN'S CLOTHING Suits, coats and jackets Sweaters, pullovers and shirts Trousers, jeans and shorts Sportswear, swimwear and separates Underwear, nightwear and accessories WOMEN'S CLOTHING Coats, suits, jackets and dresses Sportswear, swimwear and separates Underwear, nightwear and accessories Sweaters, pullovers and shirts Trousers, jeans and shorts SEWING MATERIALS AND NOTIONS Sewing materials and notions REPAIRS TO CLOTHING AND Repairs to clothing and footwear BOYS' FOOTWEAR

55 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG Boys' footwear GIRLS' FOOTWEAR Girls' footwear MEN'S FOOTWEAR Men's footwear WOMEN'S FOOTWEAR Women's footwear HOUSING RENTS PAID Rentals, unfurnished Rentals, furnished/partly furnished & other rental costs NET RENTAL VALUE OF OWNER Net rental value of owner occupied & other housing expenditure FUEL AND POWER Electricity Gas/tank, service and installation Other fuels and liquid fuels Water charges Garbage disposal FURNITURE, FURNISHINGS & EQUIPMENT AND OPERATIONS FURNITURE, FIXTURES AND FLOOR Bedroom furniture Living room furniture Dining room furniture Nursery equipment Carpets and floor coverings Clocks, lamps and decor items Other furniture and fixtures

56 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG HOUSEHOLD TEXTILES AND Bed linen Table linen Towels Curtains, drapes, slipcovers, shower Other household textiles and Repairs to household textiles, HOUSEHOLD APPLIANCES Refrigerator and home freezer Laundry equipment Stoves and other heating appliances Small electric appliances Outdoor equipment Other household appliances Repairs to household appliances and Air-conditioners GLASSWARE, TABLEWARE AND Glassware Crockery and china Cultery and silverware Saucepans and cooking pots Other household utensils HOUSEHOLD OPERATION ELSEWHERE CLASSIFIED Household cleaning appliances Paper and paper appliances Lawn and garden supplies Miscellaneous household products Household laundry and dry-cleaning DOMESTICS SERVICES Baby sitters Domestic help & other domestic MEDICAL CARE AND HEALTH MEDICAL AND PHARMACEUTICAL Medical and pharmaceutical products

57 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG PROFESSIONAL SERVICES Physician services Dental services Nursing services Eye specialists Medical laboratories Other professional services HOSPITAL AND OTHER MEDICAL Hospital room charges Accident and health insurance Other hospital and medical health TRANSPORT AND PERSONAL TRANSPORT New cars Used cars Bicycles and motorcycles Boats OPERATION OF PERSONAL Tyres and tubes Parts and accessories Gasoline, oil, greases and fluids Repairs of personal transport Vehicle insurance Vehicle inspection and license Drivers' licenses and permits Parking fees/bridge toll and towing Car cleaning services TRANSPORT SERVICES Bus fares Taxi fares Airfare & freight Boat and ship fares; frieght & other COMMUNICATION SERVICES Postage Telephone rental Other communication services

58 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG RECREATION, ENTERTAINMENT AND EQUIPMENT AND SERVICES EQUIPMENT AND ACCESSORIES AND ENTERTAINMENT Radios, records players, tape Televisions, video cassette recorders, Other sound equipment Photographic supplies and equipment Muscial instruments Sporting goods and equipments Toys and hobbies Pet supplies and expenses Other recreational goods Computers, video game equipment & Records, tapes and cds ENTERTAINMENT, RECREATIONAL SERVICES Movies fares Fees for participant sports Other admission fees Packaged tours Rental of cars Other equipment and cultural services Rental of video tapes, sales and Motel room rates BOOKS AND OTHER READING (EXCLUDING SCHOOL BOOKS) Newspapers Magazines and periodicals Books Other reading materials EDUCATION FEES AND OTHER CHARGES Elementary tuition High school tuition College tuition Other school charges Music, dance school fees, vocational

59 TABLE 24: CONSUMER PRICE INDICES BY MAJOR GROUPS; GRAND BAHAMA: 2004 ITEMS JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC AVG SCHOOL BOOKS AND SUPPLIES School books Writing and drawing equipment Other school supplies OTHER CONSUMPTION PERSONAL CARE Beauty parlour services Barber shop services Products for the hair, hairpiece and Dental and shaving products & Cosmetics, bath and nail preparation, Other toilet goods Small personal appliances Perfume/cologne Sanitary pads PERSONAL EFFECTS AND OTHER Jewellery, watches and precious Handbags Suitcases and travel bags Other personal goods, repairs to TOBACCO Cigarettes, cigars pipe tobacco & other GOODS AND SERVICES NEC Legal fees Funeral fees Life insurance National insurance contribution & other

60 TABLE 25: AVERAGE PRICES FOR SELECTED ITEMS GRAND BAHAMA: $B NAME UNIT Flour 5 lbs Cake mix ozs Breakfast cereal 24 ozs Breakfast cereal 18 ozs Oatmeal 14 ozs Grits 5 lbs Rice 5 lbs Macaroni (pasta) 16 ozs Spaghetti 16 ozs Bread (white) Large Bread (other) Large Steak 1 lb Roast beef 1 lb Stew beef 1 lb Ground beef 1 lb Corned beef 12 ozs Tin Other beef 1 lb Lamb chops 1 lb Veal 1 lb Bacon 1 lb Pork chops 1 lb Spare ribs 1 lb Ham (whole) 1 lb Other pork 1 lb Chicken (whole) 1 lb Chicken (parts fresh & frozen) 1lb Oragan meats 1lb Turkey (whole) 1lb Fruit juices (frozen) 12 ozs Juices (not frozen) 11.5 ozs Turkey (slice) 1 lb Turkey wings & drumsticks 1 lb

61 TABLE 25: AVERAGE PRICES FOR SELECTED ITEMS GRAND BAHAMA: $B NAME UNIT Fresh & frozen fish 1 lb Hot dog 12 ozs Sausage/salami 1 lb Sausage/salami 12 ozs Conch 1 lb Crawfish 1 lb N/A N/A Crabmeat 1 lb Canned tuna 6 ozs Mackerel jack 15 ozs Butter 1/2 lb Canned milk 14 ozs Magarine 1 lb Peanut butter 12 ozs Peanut butter 18 ozs Cooking oils 24 ozs Cooking oils 48 ozs Cooking oils 16 ozs Mayonnaise 32 ozs Salad dressing 8 ozs Shortening 16 ozs Shortening 42 ozs Baby diapers 10 pack Baby diapers 24 pack Fresh milk 1/2 gal Daisy cheese 1 lb Ice-cream 1/2 gal Eggs (large) 1 doz Eggs (ex.large) 1 doz Baby milk 450 g Apples 3 lbs Apples Each Bananas 1 lb Orange Each Oranges 4lb bag

62 TABLE 25: AVERAGE PRICES FOR SELECTED ITEMS GRAND BAHAMA: $B NAME UNIT Grapefruit Each Limes Each Grapes (red) 1 lb Pineapple Each Avocado Each Plum, red 1 lb Coconuts Each Irish potatoes 5 lbs Sweet potatoes 1 lb Onions 3 lbs Lettuce A head Tomatoes 1 lb Cabbage 1 lb Cucumber 1 lb Sweet pepper 1 lb Carrots 2 lbs Plantain Each Celery A stalk Broccoli A head Canned fruits 16 ozs Frozen vegetables 16 ozs Mixed vegetables canned 16 ozs Corn canned 484 g Pigeon peas can 16 ozs Pigeon peas dry 12 ozs Tomato paste 10 ozs Sugar 5 lbs Mints 3.53 ozs Guava jam 10 ozs Fruit jams 12 ozs Canned soup 10.5 ozs Potato chips 7 ozs Boxed salt 26 ozs Mustard 8 ozs

63 TABLE 25: AVERAGE PRICES FOR SELECTED ITEMS GRAND BAHAMA: $B NAME UNIT Hot sauce 6 ozs Catsup/ketchup 14 ozs Barbecue sauce 18 ozs Canned nuts 12 ozs Baby juice 4 ozs Canned soda 12 ozs Mineral water 1.5 Litre Mineral water 1 gal Tea bags 25 packets Tea bags 100 packets Coffee 2 ozs Hot chocolate 225 g Bleach 1 gal Pine cleanser 28 ozs Toilet 4 pack Hand towels 1 Roll Water hose 50 ft Light bulb 2 pack Insecticide spray 450 ml Anti septic 250 ml Aspirin 24's Perm kit 425 g Shampoo 15 ozs Tooth paste 4.6 ozs Tooth paste 6.4 ozs Shaving powder 5 ozs Mouth wash 8.5 ozs Sanitary pads 10's Female douche 4.5 ozs Bath soap Bath size Condoms 3 pack Lotion 10 ozs Deodorant 2.25 ozs Deodorant 3 ozs

64 TABLE 25: AVERAGE PRICES FOR SELECTED ITEMS GRAND BAHAMA: $B NAME UNIT Cigar Each Cigarette Pack Tobacco 1.5 ozs Dog food 14 ozs Dog food 20 lbs Cat food 6 ozs Beer 12 ozs Rum 1/2 pt Gin 1/2 pt Chicken snack Order Conch snack Order Coffee Large cup Tea Small cup Gasoline-Super 1 gal Gasoline-Premium 1 gal

65 TABLE 26: PERCENTAGE CHANGES IN THE CONSUMER PRICE INDICES BY MINOR GROUPS; GRAND BAHAMA: SELECTED PERIODS DEC JAN 04 APR 04 JAN-APR 04 FEB 03 FEB 04 FEB ITEMS DEC DEC % change % change % change FOOD AND BEVERAGES Cereal and bakery products Meats and poultry Marine products Fats and oils Milk, milk products (except butter), Fresh fruits Fresh vegetables Processed fruits Processed vegetables Sugar, jam and confectionaries Meals outside the home Food not elsewhere classified Non-alcoholic beverages Alcoholic beverages CLOTHING AND FOOTWEAR Baby diapers Boys' clothing Girls' clothing Men's clothing Women's clothing Sewing Material & Notions Repairs to clothing and footwear Boys' footwear Girls' footwear Men's footwear Women's footwear HOUSING Rents paid Net rental value of owner occupied Fuel and power FURNITURE AND HOUSEHOLD OPERATIONS Furniture, fixtures and floor coverings Household textiles and other Household appliances Glassware, tableware and household Household operation expenditure NEC Domestic services

66 TABLE 26: PERCENTAGE CHANGES IN THE CONSUMER PRICE INDICES BY MINOR GROUPS; GRAND BAHAMA: SELECTED PERIODS DEC JAN 04 APR 04 JAN-APR 04 FEB 03 FEB 04 FEB ITEMS DEC DEC % change % change % change MEDICAL CARE AND HEALTH Medical and pharmaceutical products Professional services Hospital and other medical services TRANSPORT AND Personal transport equipment Operation of personal transport Transport Services Communication services RECREATION AND ENTERTAINMENT Equipment and accessories for Entertainment, recreational and cultural Books and other reading materials EDUCATION Fees and other charges School books and supplies OTHER CONSUMPTION Personal care Personal effects and other personal Tobacco Goods and services nec

67 CHART 2(a) ANNUAL PERCENTAGE COMPARISON IN THE ALL ITEMS INDEX BETWEEN THE YEAR-OVER- YEAR AND THE AVERAGE ANNUAL RATE OF INFLATION; GRAND BAHAMA: JANUARY - DECEMBER PERCENTAGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS YEAR-OVER-YEAR AVERAGE ANNUAL 58

68 CHART 2 (b) ANNUAL PERCENTAGE CHANGES IN SELECTED MAJOR GROUPS; GRAND BAHAMA: JANUARY - DECEMBER PERCENTAGE CHANGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS FURNITURE & HOUSEHOLD OPERATIONS MEDICAL CARE & HEALTH OTHER GOODS & SERVICES ALL ITEMS 59

69

70 ANALYSIS OF THE ALL BAHAMAS CONSUMER PRICE INDEX (OCTOBER/NOVEMEBER 1995) 3.1 All Items Index During 2004, the rate of inflation, as measured by the movements in the All Bahamas Consumer Price Index compounded over the latest twelve month period decreased from 2.49% in January 2004 to 1.53% in July. This decreasing trend continued for the remaining months in 2004 and in December 2004, the rate stood at 1.37%. The year-over-year change decreased from 1.27% at the beginning of the year to a low 0.97% for July, while in August, the rate moved to 1.45% but by December 2004, an increase to 2.10% was posted. Overall, the Food & Beverages Index contributed 23.98% to the increase in the All Items Index. This group was followed very closely by Transport & Communications, Housing and Medical Care & Health which contributed 22.02%, 20.27% and 18.79%, respectively. 3.2 Analysis of Major Groups During the twelve-month period ending December 2004, an analysis of the Consumer Price Index by major groups revealed that all major groups showed an increased. The Medical Care and Health component led the way with the largest increase, 7.62% followed by Food & Beverages, 3.55%; Transport & Communications, 3.09%; Housing, 1.44%; Education, 1.97%; Furniture & Household Operations, 0.68%; Clothing & Footwear, 0.57%; Other Expenditures, 0.55% and Recreation & Entertainment, 0.49%. Significant factors contributing to the increase in the Medical Care & Health Index included higher costs for hospital and other medical charges, professional services and medical and pharmaceutical products. Increased prices in the following food items tremendously affected the advancement in the Food & Beverage Index:- fresh vegetables, marine products, fresh fruits, processed vegetables, meats and poultry and milk, milk products (excluding butter) and eggs. Advances in the charges for transport services and operations of personal equipment accounted for the upward movement in the Transport & Communications Index. Fees and other school charges significantly impacted the advancement in the Education group. Higher rents and net rental value of owner occupied housing & other housing expenditure increased the Housing Index. The rise in the Furniture & Household Operations group was reflected by higher prices for the following items:- household textiles and other furnishings; domestic services; glassware, tableware and household utensils and furniture, fixtures and floor coverings. 60

71 Upward price movements for repairs to clothing and footwear, sewing materials and notions, girls footwear and baby diapers significantly affected the rise in the Clothing & Footwear Index. Increased tobacco prices and goods and services not elsewhere classified were the contributing factors that led to the increase in the Other Expenditures component. The Recreation & Entertainment Index experienced an upward shift as a result of price increases for entertainment and recreational culture. 61

72 TABLE 27: CONSUMER PRICE INDICES BY MAJOR GROUPS; ALL BAHAMAS: 2004 (OCTOBER/NOVEMBER 1995 = 100) MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 28: MONTHLY PERCENTAGE CHANGES BY MAJOR GROUPS; ALL BAHAMAS: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS *NOTE: THE ALL BAHAMAS INDEX IS INCLUSIVE OF NEW PROVIDENCE AND GRAND BAHAMA. 62

73 TABLE 29: QUARTERLY PERCENTAGE CHANGES BY MAJOR GROUPS; ALL BAHAMAS: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS TABLE 30: ANNUAL PERCENTAGE CHANGES BY MAJOR GROUPS; ALL BAHAMAS: 2004 MAJOR GROUPS WEIGHT Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg. Food & Beverages Clothing & Footwear Housing Furniture & Household Operations Medical Care & Health Transport & Communications Recreation & Entertainment Education Other Goods & Services ALL ITEMS

74 TABLE 31: ALL ITEMS INDICES BY MONTH AND YEAR; ALL BAHAMAS: (October/November 1995 = 100) Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg TABLE 32: MONTHLY PERCENTAGE CHANGES IN THE ALL ITEMS INDICES; ALL BAHAMAS: Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec

75 TABLE 33: ANNUAL PERCENTAGE CHANGES (FROM THE SAME MONTH A YEAR AGO) IN THE ALL ITEMS INDICES; ALL BAHAMAS: Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg TABLE 34: AVERAGE ANNUAL PERCENTAGE CHANGES IN THE ALL ITEMS INDICES; ALL BAHAMAS: Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg

76 CHART 3 (a) ANNUAL PERCENTAGE COMPARISON IN THE ALL ITEMS INDEX BETWEEN THE YEAR-OVER- YEAR AND THE AVERAGE ANNUAL RATE OF INFLATION; ALL BAHAMAS: JANUARY- DECEMBER PERCENTAGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS YEAR-OVER-YEAR AVERAGE ANNUAL 66

77 CHART 3(b) ANNUAL PERCENTAGE CHANGES IN SELECTED MAJOR GROUPS; ALL BAHAMAS: JANUARY - DECEMBER PERCENTAGE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC MONTHS FOOD MEDICAL CARE & HEALTH TRANSPORT & COMMUNICATIONS ALL ITEMS 67

78

79 MONTHLY AND ANNUAL HOUSEHOLD EXPENDITURE FOR NEW PROVIDENCE AND GRAND BAHAMA Tables 35A to 38B show the estimated monthly and annual values of household expenditure by major groups. They also indicate how spending patterns have changed between 1994 and According to the 1994 Household Budgetary Survey, the average household in New Providence spent approximately $2,435 monthly or $29, 221 for the year (See Tables 35A and 36A). Compared to 2004, a rise of 17.66% occurred increasing the annual estimated family expenditure to or $34,381 or $2,865 for the month (See Tables 36B and 35B). The tables further show that total estimated annual family expenditure has steadily increased from 1994 to However, the expenditure patterns for this period vary. In 1994, the three largest proportions of consumer annual outlays For New Providence were Housing (32.82%); Transportation and Communications (14.84%) and Food & Beverages (13.83%). When the expenditures for these three groups were combined, it was revealed that households spent approximately 61.49% of their total annual budget on Housing, Transport & Communications and Food & Beverages. Between 1994 and 2004, the above-mentioned major groups remained the three principal groups which absorbed more than 50% of the households annual income. However, during this ten-year period, the proportions varied. From 1994 to 1999, households spent approximately 61% of their total annual budget on the three major groups. This percentage decreased slightly to approximately 60% in 2000; during the period 2001 to 2003, this percentage continued a declining effect; in 2004, the combination of these groups totaled 57.84% of the households total annual budget, which is slightly higher than the recorded percentage for In 1994, the average household in Grand Bahama spent approximately $2,463 a month or $29,560 annually (See Tables 37A and 38A). In 2004, the monthly estimated family expenditure was approximately $2,791 but the annual household expenditure increased to approximately $33,494 noting an increase of 13.31% (Tables 37B and 38B). Like New Providence, the three main groups of consumer annual expenditure remained the same. However, the proportions of these groups vary:- in 1994, Housing (30.22%); Transportation & Communications (20.05%) and Food & Beverages (14.61%); a summation of these three groups totaled 64.88%, slightly more than New Providence. Between 1995 and 1997, the percentage of the three main groups totaled approximately 65% but during the period 1998 to 2000, a decrease of approximately 64% was noted. In 2001, the percentage stood at 63.94% and a declining effect continued. Similarly to New Providence, in 2004 the combination of the three largest proportions of consumer annual outlays produced a decreased percentage, 63.05%. 68

80 TABLE 35A: MONTHLY ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; NEW PROVIDENCE: (OCTOBER/NOVEMBER 1995 = 100) MAJOR GROUPS Weight $ % $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 69

81 TABLE 35B: MONTHLY ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; NEW PROVIDENCE: (OCTOBER/NOVEMBER 1995 = 100) MAJOR GROUPS Weight $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 70

82 TABLE 36A: ANNUAL ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; NEW PROVIDENCE: MAJOR GROUPS Weight $ % $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Expenditures TOTAL , , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 71

83 TABLE 36B: ANNUAL ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; NEW PROVIDENCE: MAJOR GROUPS Weight $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Expenditures TOTAL , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 72

84 TABLE 37A: MONTHLY ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; GRAND BAHAMA: MAJOR GROUPS Weight $ % $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 73

85 TABLE 37B: MONTHLY ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; GRAND BAHAMA: MAJOR GROUPS Weight $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 74

86 TABLE 38A: ANNUAL ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; GRAND BAHAMA: MAJOR GROUPS Weight $ % $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 75

87 TABLE 38B: ANNUAL ESTIMATED FAMILY EXPENDITURE BY MAJOR GROUPS; GRAND BAHAMA: MAJOR GROUPS Weight $ % $ % $ % $ % $ % Food and Beverages Clothing and Footwear Housing Furniture and Household Operations Medical Care and Health Transport and Communications Recreation and Entertainment Education Other Goods and Services TOTAL , , , , , NB: Since 1994, all values were adjusted based on the average annual percentage change. 76

88 THE PURCHASING POWER OF THE 2004 BAHAMIAN DOLLAR One of the many uses of the Consumer Price Index is to statistically determine the purchasing power of money, that is, the financial ability to buy goods and services. The New Providence Consumer Price Index having a 1995 base (October/November 1995 = 100) makes it possible to evaluate changes in the purchasing power of the Bahamian dollar relative to its 1995 base year. In order to accomplish this, the reciprocal of the index can be calculated. For example, between December 1995 and December 2004, the New Providence Index increased 16.37%. The All Items Index registered in December 2004 and in December 2003 from its base period level of 100 in The average family who paid $ for a basket of goods and services in October/November 1995 would have paid an estimated $ for the same basket of goods and services in December 2004 and $ in December Therefore, due to inflation, the purchasing power of the October/November 1995 Bahamian dollar has diminished and depreciated to 1.00 X approximately $0.86 and $0.87 of the 1995 dollar by December 2004 and December 2003, respectively. The All Items Index for Grand Bahama stood at in December 2004 and in December The average Grand Bahamian family who paid $ for a basket of goods and services in October/November 1995 would have paid an estimated $ for the same basket of goods and services in December 2004 and $ in December Similarly to New Providence, Grand Bahama also experienced a decline in the purchasing power of the October/November 1995 Bahamian dollar due to inflation - $0.90 in December 2004 and $0.93 in December Further, the above-stated purchasing powers can be interpreted as follows:- For New Providence, only 86% of the goods and services purchased with $1.00 in 1995 could have been purchased in December 2004 and for Grand Bahama, 90% of the goods and services purchased with the same dollar in Subsequently, a difference of 0.04% exist between the purchasing powers of the 1995 dollar in New Providence and Grand Bahama. Tables 39A and B trace the changing values of the dollar on an annual basis between 1966 to 2004 for New Providence and 1974 to 2004 for Grand Bahama. According to these tables, for New Providence, it is estimated that in December 1974, $1.00 could have purchased approximately 3.03 times more goods and services that in December 2004; whilst in Grand Bahama, $1.00 could have purchased 3.08 times more goods and services for the same period. 77

89 A note of caution is issued in the use and interpretation of these estimates. The reader is reminded that all normative estimates of living costs must be based on specific family considerations and that the construction of a standard budget requires a set of assumptions relating to the age, size, and type of family. Additionally, the manner of living for the specified family, the locality in which the family resides and the position of the family standards on the consumption scale established by society tremendously impact the expenditure trend of the family. Moreover, family composition has a significant effect on spending patterns, manners of living and family needs. Further, it must be borne in mind that for the purpose of this report, the Department targeted households with an estimated value of $100, or less. Therefore, the dollar estimates in Tables 39A and B should be considered more as broad averages, than absolute figures. 78

90 TABLE 39A: Purchasing Power of the Bahamian Dollar; New Providence: Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg *NOTE: The above represents the estimated dollar value of the Bahamian dollar in New Providence. 79

91 TABLE 39B: Purchasing Power of the 1995 Bahamian Dollar; Grand Bahama: Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Avg *NOTE: The above represents the estimated dollar value of the Bahamian dollar in Grand Bahama. 80

92

93 Appendix A 1 THE DEPARTMENT OF STATISTICS AVERAGE PRICES FOR SELECTED ITEMS; NEW PROVIDENCE: SELECTED YEARS $B ITEM UNIT Flour 5 lbs Grits 5 lbs Rice 5 lbs Bread(White) Large Corned Beef 12 ozs Chicken (Whole) 1 lb Conch 1 lb Canned Milk 14 ozs Fresh Milk 1\2 gal Onions 3 lbs Gasoline Premium 1 gal HIGHLIGHTS: Did you know that in 1970, a large loaf of white bread cost $0.38? In 2004, the average price rose to $1.78. This represents a 368% price increase in 34 years. Did you know that the average price of conch (per pound) jumped 391% from 1970 to 2004? The average price of premium gasoline skyrocketed by 449% since This sharp increase is due to the fact that in 1970, the average price of premium gasoline per gallon was $0.59 but in 2004, the average price is $