CPI 2024
2024 USVI Inflation Reaches the Lowest Rate Since 2020 In the United States, the cost of goods and services increased by 2.9% from December 2023 to December 2024, following a 3.4% rise in the previous year, according to reports from the Bureau of Labor Statistics (BLS). The inflation rate of consumer prices in the U.S. Virgin Islands (USVI) showed signs of slowing in 2024, with the overall inflation rate decreasing to 7.1% from 8.4% in 2023 (as shown in Figure 1). In the USVI, inflation began to decline in June 2024. This decrease is likely attributed to a modest decline in fuel prices and improving economic conditions, which helped mitigate the impact of global supply chain issues affecting the mainland; these factors significantly influence the USVI’s costs and expenses. However, inflation remained above 6.0% for 10 months in 2024. This persistent inflation was primarily driven by external economic factors, which led to increased demand for various goods and services, including rising costs in Education & Communication, Recreation, Food, Apparel, and Housing. …
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