Inflation rate rises to 2%

  • Higher costs in the transport and travel sector were recorded during February, according to the Consumer Price Index

    Higher costs in the transport and travel sector were recorded during February, according to the Consumer Price Index

The rate of inflation jumped to 2 per cent in February, up from 1.6 per cent the previous month.

Between January and February the average cost of goods and services in the Consumer Price Index increased 0.3 per cent. The all-items index rose to 104.1, which means that the basket of goods and services that cost $100 in April 2015 now costs $104.10.

The transport and foreign travel sector registered the largest increase, up 2.6 per cent, due to the cost of airfares increasing 11.9 per cent,and a slight rise in the cost of accommodation at overseas hotels.

Household goods, services and supplies were up 0.2 per cent, with the largest factor an increase of 16.3 per cent in the average cost of mobile phones.

The food sector saw a 0.7 per cent decrease in February; the average cost of oranges fell 6.4 per cent, and cooking oil was down 2.9 per cent.

There was no chance to average prices reported in the rent, health and personal care, clothing and footwear, fuel and power, and tobacco and liquor sectors. However, the education, recreation entertainment and reading sector was down 0.1 per cent as the average cost of televisions falling 8 per cent.

In year-on-year analysis, the transport and foreign travel sector was the largest contributor to the change in the CPI. The sector rose 4.2 per cent, fostered by a 14.4 per cent increase in the average cost in air fares.

In addition, the tobacco and liquor sector and the fuel and power sector rose 9.4 per cent and 9.1 per cent, respectively.

The Consumer Price Index is compiled by the Bermuda Government’s Department of Statistics.

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Published May 1, 2018 at 3:00 pm (Updated May 1, 2018 at 3:00 pm)

Inflation rate rises to 2%

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