Inflation rate negative for a second month – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Inflation rate negative for a second month

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Economic indicator: Bermuda’s annual rate of inflation was -0.7 per cent in August (Graphic by Nikeisha Burrows)

Bermuda has recorded a negative inflation rate for a second consecutive month.

In August the annual inflation rate was -0.7 per cent. That was an improvement on the -1.4 per cent recorded in July, which was the first time the island had a negative inflation rate since 1965.

The rent sector was down 3.2 per cent, year-on-year, where there was a drop of 7.3 per cent for properties not subject to rent control.

However, on a month-to-month basis, the rent sector improved 0.3 per cent from July to August as the average cost of properties not subject to rent control rose 0.6 per cent. Properties subject to rent control edged up 0.1 per cent.

The average cost of health insurance premiums and self-prescribed medicines and household medical supplies were up 1.1 per cent and 0.4 per cent respectively, month to month.

There was a 1.7 per cent monthly increase in prices in the education, recreation, entertainment and reading sector, and a 0.5 per cent rise in prices in the food sector.

Higher prices for beer, spirits and wines contributed to a 0.3 per cent increase for the tobacco and liquor sector, while the transport and foreign travel sector was up 0.2 per cent in August as a result of overseas airfares rising 5.5 per cent and the average cost of motor vehicles up 1.1 per cent.

Prices were 0.1 per cent higher in the household goods, services and supplies sector, where the average price of mobile phones jumped 6.3 per cent.

Between July and August there was no price movement in the clothing and footwear sector, or the fuel and power sector.

The consumer price index was up 0.6 percentage points month-on-month in August. The all-items index rose from 105.2 to 105.8, which means that the CPI basket of goods and services that cost $100 in April 2015 cost $105.80 in August.

The Consumer Price Index report was published by the Department of Statistics.

Click on Related Media for the full Consumer Price Index bulletin.

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Published November 16, 2020 at 7:43 pm (Updated November 17, 2020 at 3:59 pm)

Inflation rate negative for a second month

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