Bermuda consumers are seeing significant benefits from the collapse in world oil prices late in 2014, the latest Government statistics reveal.

In December, premium fuel cost almost nine per cent less at the pump than it did a month earlier, according to the Consumer Price Index (CPI).

And a 26 per cent plunge in the Belco’s fuel adjustment rate meant residents got a pre-Christmas boost from lower electricity bills.

Global crude oil prices fell nearly 60 per cent from last June and late January.

Despite the slide in energy costs, the overall cost of living rose in December, with the annual rate of inflation in December at 1.5 per cent, down from 2.3 per cent in November.

Prices in the health and personal care sector were 7.2 per cent higher than in December 2013 and were the biggest inflation driver.

The 8.2 per cent fall in the cost of fuel and power was driven chiefly by the fall in the Belco fuel charge.

And despite the slide in gasoline prices, a 10.8 per cent increase in air fares from a month earlier, meant there was no change in transport and vehicle costs, from month to month. However, costs in this sector were two per cent lower than in December 2013.

Food prices fell 0.7 per cent in December, thanks to holiday discounts offered by stores, as the price of frozen spare ribs (-7.7 per cent), non-alcoholic beverages (-6.2 per cent) and red grapes (-5.3 per cent) fell.

However, food costs were 3.9 per cent higher than a year earlier.