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Inflation rate rises to 0.2% in February

Turning positive: Bermuda's inflation rate returned to positive territory in February (Graph by Bill Zuill)

The retail inflation rate rose to 0.2 per cent in February, up from -0.3 per cent in January.

Wayne Furbert, Minister for the Cabinet Office, said: “The health and personal care sector was the largest contributor to the twelve-month increase in the CPI [Consumer Price Index]. On average, the cost of health and personal care items increased 2.1 per cent year-over-year.

“This rise was attributed to higher health insurance premiums (+2.8 per cent). The food and education, recreation, entertainment and reading sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors measured 2 per cent and 1.7 per cent, respectively. Between January 2021 and February 2021 the average cost of goods and services increased 0.3 percentage points.”

Between January and February:

• On average, food prices advanced 0.3 per cent in February. Among the main items contributing to the increase were potato chips (+7.2 per cent), cantaloupes (+6.7 per cent), and green peppers (+3.5 per cent).

• The transport and foreign travel sector climbed 2.2 per cent due to increased airfares (+7.4 per cent) and overseas hotels (+6.8 per cent).

• The education, recreation, entertainment and reading sector increased 0.2 per cent. The average cost of pleasure boats rose 1.8 per cent.

• The tobacco and liquor sector dropped 0.8 per cent. On average, consumers paid 2.5 per cent less for wines.

Click on Related Media to access a PDF of the Retail Sales Index bulletin

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Published May 09, 2021 at 4:43 pm (Updated May 09, 2021 at 6:10 pm)

Inflation rate rises to 0.2% in February

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