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Inflation falls to 1.5%

More expensive: the price of premium fuels rose 6.7 per cent between August and September

Bermuda’s inflation rate crept down to 1.5 per cent in September, the lowest rate recorded in more than a year and down 0.8 percentage points from August.

The main driver of cost-of-living increases over the past year was the transport and foreign travel sector, up 3.2 per cent, mainly because of the 13.7 per cent increase in the cost of premium fuels, according to the Consumer Price Index analysis released by the Department of Statistics today.

A 0.8 per cent increase in education costs was among the most notable month-to-month rises. The average cost of tuition rose 2.4 per cent at Bermuda schools and 2.5 per cent at overseas colleges.

The transport and foreign travel sector advanced 0.2 per cent in September, tanks to a 6.7 per cent spike in the cost of premium fuels compared to August and a 7.1 per cent jump in the price of overseas hotels.

A 4.6 per cent increase in the cost of propane gas drove a 0.2 per cent month-to-month increase in fuel and power sector prices.

Food prices fell 0.1 per cent for the month, with frozen spare ribs, down 3.2 per cent, pasta, down 2 per cent, and rice, down 1.8 per cent, some of the factors behind that decrease.