Inflation rate rises to 1.3%

  • Costing more: prices in the food sector increased by 1 per cent in January (File photograph)

    Costing more: prices in the food sector increased by 1 per cent in January (File photograph)

Consumers paid more for goods and services in January than they did in the same month in 2018.

During January, the inflation rate increased 0.4 percentage points to 1.3 per cent

The Consumer Price Index shows that the consumers are now paying $105.20 for a basket of goods and services that cost $100 in the baseline month of April 2015.

The health and personal care sector was the largest contributor to the year-over-year increase, rising 3.1 per cent. The average cost of health insurance premiums continued to be the major driver, according to the report issued by Bermuda Government Department of Statistics.

The fuel and power sector, and food sector, contributed to the rise in inflation, increasing 6.7 per cent and 2.7 per cent, respectively.

The rent sector rose 0.6 per cent in January, with the average cost of rental properties not subject to rent control rising 1.1 per cent.

In January, food sector prices increased by 1 per cent, with the average cost of red grapes, baked beans and spices rising by 9.7 per cent, 5.7 per cent and 4.3 per cent, respectively.

The education, recreation, entertainment and reading sector rose 0.1 per cent for the month, with the average cost of pet food increasing by 2.6 per cent.

The clothing and footwear sector increased by 0.4 per cent, with the average cost of children’s and women’s footwear increasing by 8.8 per cent and 2.1 per cent, respectively.

The tobacco and liquor sector increased by 0.3 per cent, with a price increase of 0.4 per cent for wine and a 1.1 per cent increase for spirits.

In January, prices in the household goods, services and supplies sector rose 0.1 per cent, with the average cost of food wraps and trash bags increasing by 0.8 per cent and the cost of cleaning materials going up by 0.4 per cent.

Prices in the transport and foreign travel sector decreased by 0.7 per cent, with a price drop of 6.3 per cent in the average cost of air fares and a decline of 13 per cent in the cost of overseas car rentals.

The fuel and power sector reported no price movement in January, while the health and personal care sector was unchanged.

For comparison, the January inflation rate in he UK was 2.5 per cent, in the US it was 1.6 per cent, and in Canada it was 1.4 per cent.

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Published Apr 23, 2019 at 8:00 am (Updated Apr 23, 2019 at 8:02 am)

Inflation rate rises to 1.3%

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