PRICES OF GOODS, SERVICES ON GUAM UP 3.6 PERCENT

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Food shows biggest increase: 6.4 percent from last year

By Therese Hart HAGÅTÑA, Guam (Marianas Variety, Oct. 6, 2011) – The prices of goods and services on Guam are up, with food commodities showing the biggest increase – a rise of 6.4 percent compared to September 2010.

According to the Guam Bureau of Statistics and Plans, the Consumer Price Index (CPI) indicates a 3.6 percent rise.

Aside from food, other categories also showed an increase such as housing costs, up 2.9 percent; energy up 3.6 percent; and the cost of services up 4.9 percent.

The CPI is a measure of the average change in prices over time of goods and services purchased by households, both families and single persons living alone.

Compared to the 3rd quarter in 2010, bakery products indicate a 13.4 percent increase; other meats besides beef, pork and poultry increased 12.8 percent; eggs increased 13.6 percent; fresh fruits increased 11.9 percent; and sugar and sweets increased 17.1 percent.

The CPI is measured from a total of 165 items from eight major groups and indices computed at two different levels of aggregation. More than 1,051 price quotations are collected during the middle month of each quarter either by telephone or on-site survey by qualified price enumerators.

There are approximately 230 business outlets included in the construction of the CPI, ranging from grocery, department and hardware stores to a variety of service establishments.

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