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Inflation rate eases to 1.4%

The annual rate of inflation eased off to 1.4 per cent in July — the lowest rate since October last year.

The largest driver of the increase in the cost of living was health and personal care, which saw price increases of 4.1 per cent from 12 months earlier, the Department of Statistics reported today.

The fuel and power sector saw a 5.5 per cent price shift year over year — including a 3.9 per cent increase in the month between June and July.

The main reason for this was a 12.5 per cent increase in the fuel adjustment rate on electricity bills. Belco data show the rate rose from 12 cents per kilowatt hour in June to 13.5 cents in July.

The Consumer Price Index showed that a basket of goods and services that cost $100 in April 2015 cost $105.40 in July this year.

The month-to-month price analysis showed a 2.5 per cent increase in the clothing and footwear sector, as the average cost of women's clothing rose 4.6 per cent.

Food prices edged up 0.1 per cent. Leading the price increases were green peppers, up 5.1 per cent, oranges, up 4.3 per cent and cantaloupes, up 3.6 per cent.

The transport and foreign travel sector rose 1.5 per cent in July, as the cost of overseas hotels increased 14.6 per cent over June, and airfares climbed 2.5 per cent.

Bermuda's annual inflation rate of 1.4 per cent in July was less than half of that seen in either the US (2.9 per cent), Canada (3 per cent) or Britain (3.2 per cent).

On the up: the price of health and personal care was the biggest driver of inflation in July

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Published September 26, 2018 at 1:58 pm (Updated September 26, 2018 at 11:56 pm)

Inflation rate eases to 1.4%

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