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2018 Annual Economic and Financial Review ST VINCENT AND THE GRENADINES
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Eastern Caribbean Central Bank
in 2018, with marked increases in the export
of conch, lobster, tuna and snapper.
Prices, Wages and Employment
Inflationary pressures moderated in 2018
relative to 2017, as measured by the annual
change in the Consumer Price Index (CPI)
on an end-of-period basis
. The index rose by
1.4 per cent in 2018, following a 3.0 per cent
increase in 2017. The largest advances in the
index in 2018 were registered in Alcoholic
Beverages,
Tobacco
&
Narcotics
(3.5 per cent), Transport (3.3 per cent),
Housing, Electricity, Gas & Oher Fuels
(2.3 per cent) sub-indices. The Alcoholic
Beverages, Tobacco and Narcotics sub-index
was 3.5 per cent higher, reflecting higher
prices for wines, spirits and local beer.
Meanwhile, higher oil prices partially
contributed to the increase in the Transport;
and Housing, Electricity, Gas & Other Fuels
sub-indices. The increase in the Transport
index was due to upward movements in the
prices of diesel and petrol as well as higher
airfares to selected regional destinations.
Meanwhile the rise in the price of the
Housing, Electricity, Gas & Other Fuels sub-
index was partly influenced by higher prices
for building materials, electricity and cooking
gas. Partially alleviating those pressures,
were declines in the Food & non-alcoholic
beverages (0.03 per cent) and Clothing &
footwear (0.2 percent) sub-indices. Lower
prices for selected vegetables and condiments
contributed to the downward pressure in the
average price level of the food and non-
alcoholic beverages sub-index, while a decline
in the price of textile materials contributed to
the fall in the average price level of the
clothing & footwear sub-index.
Labour market conditions improved in 2018,
as indicated by proxy data from the National
Insurance Services (NIS). Preliminary data
revealed that the total insured population rose
by 4.2 per cent in 2018, albeit a slower pace
than the 9.2 per cent increase in the preceding
year. The largest increase was in the self-
employed category which grew by
10.9 per cent in 2018, which was followed by
the employee sub-group at 4.0 per cent.
Conversely, voluntary contributors contracted
by 1.0 per cent. Among the economic sectors
tracked by the NIS from the employee sub-
group, advances were registered in all
categories with the exception of mining and
quarrying.