Bermuda's inflation rate eased to 1.8 per cent in January, down from 2.1 per cent in December 2024, according to the latest Consumer Price Index released by the Department of Statistics. This marks the lowest annual inflation rate recorded since November 2024, when it stood at 1.1 per cent.

The CPI measures the average change over time in the prices paid by consumers for a fixed basket of goods and services.

Despite the overall moderation, certain sectors continued to see notable price increases. The Health & Personal Care division saw a 3.1 per cent rise, while both the Food and Fuel & Power divisions increased by 2.7 per cent. The Rent division recorded a 2.1 per cent uptick, and Education, Recreation, Entertainment & Reading advanced by 1.6 per cent.

Month-over-month, from December 2024 to January 2025, the average cost of goods and services rose by 0.2 per cent. The Transport & Foreign Travel division experienced a 0.6 per cent increase, matching the rise in the Food division. Household Goods, Services & Supplies went up by 0.3 per cent, and Education, Recreation, Entertainment & Reading edged up by 0.2 per cent.

These figures suggest a trend of moderating inflation in Bermuda, following a peak annual average inflation rate of 4.0 per cent in 2022. The annual average percentage was 1.9 per cent in 2024, showing the average rate of price growth, which was down from 3.3 per cent in 2023, is levelling off.

For more on Consumer Price Index, see Related Media

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January 2025 CPI Report.pdf