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Inflation rate 0.3% in December

Slight fall: the food sector saw prices fall on average 0.3 per cent between November and December, according to the Consumer Price Index (File photograph)

After five consecutive months of deflation, Bermuda’s annual inflation rate turned positive in December.

The rate was 0.3 per cent.

Consumers paid 0.3 per cent more for a basket of goods and services included in the Consumer Price Index in December than they had in the same month in 2019.

Between November and December, the average cost of goods and services in the CPI declined 0.1 per cent.

The all-items index fell from 105.8 to 105.7 in December.

This means that the basket of goods and services that cost $100 in April 2015 now costs $105.70.

The food sector was the largest contributor to the Consumer Price Index year-on-year increase, rising 2.7 per cent. On average, the price of fresh and frozen leg of lamb was up 28.9 per cent, and fresh and frozen pork lions increased in price by 24.7 per cent.

The health and personal care, and education, recreation, entertainment & reading sectors increased 2.2 per cent and 1.8 per cent, respectively.

Between November and December, food sector prices fell 0.3 per cent on average. Consumers paid less for sweet biscuits, down an average of 6.6 per cent, soft drinks, which were down 5.2 per cent, and bagged apples that fell on average 4.1 per cent.

The rent sector edged up 0.5 per cent in December. The increase was attributed to the 0.3 per cent rise in rent-controlled properties. Rental units not subject to rent control were 1.1 per cent higher.

The tobacco and liquor sector dipped 0.6 per cent reflecting a 1 per cent decrease in the average price of spirits.

The transport and foreign travel sector prices slipped 2.2 per cent on average. There were decreases in air fares, down 13 per cent on average, and overseas car rental costs, which fell 7.3 per cent.

There was no monthly change in the clothing and footwear, fuel and power, and health and personal care sectors.

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Published April 08, 2021 at 1:02 pm (Updated April 08, 2021 at 1:04 pm)

Inflation rate 0.3% in December

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