Inflation falls to 2.2% – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Inflation falls to 2.2%

The annual rate of inflation hit 2.2 percent during January 2011, according to the latest figures released by Government.

The Consumer Price Index revealed that inflation was at its lowest since August 2010 when it was two percent.

The health and personal care sector was the biggest contributor to the 12-month rate of price increase at 7.7 percent, while the rent, fuel and power sectors also impacted strongly on the annual rate of inflation at 1.6 percent and 8.2 percent respectively.

On a monthly basis, the price of food climbed 0.8 percent, driven by fresh wahoo (6.3 percent), beef liver (4.5 percent) and frozen chicken parts (4.3 percent).

The household goods, services and communications sector also increase by 0.7 percent for the month, with the average cost of household supplies and child day care up 1.8 percent and 0.8 percent respectively.

Smokers and drinkers got no respite either as the tobacco and liquor edged up 0.6 percent due to a 1.6 percent rise in the price of wine.

Tenants also felt the pain with a 0.1 percent increase in their rent during January, as average rents for controlled properties inched up 0.2 percent, however non-controlled property rents dropped 0.1 percent.

The education, recreation and reading sector advanced 0.1 percent for the month, with the average cost of pet care climbing by 1.2 percent and the cost of boat repairs and maintenance up 0.9 percent.

On the flip side, the transport and vehicles sector contracted 1.4 percent as the average price of foreign travel, including airfares and hotel accommodation costs, fell 5.9 percent. In contrast cycle repair and maintenance costs rose 2.7 percent.

The clothing and footwear sector fell 0.1 percent for the month on a drop in the price of men's and women's clothing by 1.4 percent and 0.7 percent respectively.

The fuel and power and health and personal care sectors both remained unchanged.

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Published March 14, 2011 at 10:00 am (Updated March 14, 2011 at 9:59 am)

Inflation falls to 2.2%

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