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Inflation inches higher

Inflation figures just released by government show that during June consumers paid 1.2 per cent more than they did in June 2020 for the basket of goods and services.

The Ministry for the Cabinet Office released the latest Consumer Price Index (CPI) publication from the Department of Statistics.

The Transport & Foreign Travel sector continues to be the largest contributor to the 12-month increase in the CPI (+7.7 per cent), as the average cost of airfares increased for a third consecutive month, rising 25.2 per cent.

Meanwhile, the Health & Personal Care sector and the Education, Recreation, Entertainment & Reading sectors also impacted strongly on the annual rate of inflation, as price shifts in these segments measured 2.7 per cent and 2.4 per cent, respectively.

Between May 2021 and June 2021 the average cost of goods and services declined 0.3 per cent.

Additional areas of note between May 2021 and June 2021 include:

The Education, Recreation, Entertainment & Reading sector moved up 0.9 per cent in June. The average cost of pleasure boats rose 13.8 per cent.

The Health & Personal Care sector increased 0.7 per cent for the month. The average cost of health insurance rose 1.0 per cent.

The Food sector edged up 0.5 per cent for the month. Among the items contributing to the rise was the average cost of spare ribs (+12.7 per cent), cantaloupes (+14.1 per cent) and green peppers (+11.8 per cent). In addition, the average cost of restaurant dining moved up 1.0 per cent.

The Fuel & Power sector dropped 14.1 per cent as the average cost of electricity fell 14.7 per cent in June.

The Rent sector was down 0.3 per cent as the average cost of properties not subject to rent control slid 0.7 per cent.

The June 2021 Consumer Price Index is available at:

www.gov.bm/bermuda-business-statistics

*Note: Each month the Government measures both the annual and monthly rate of inflation, respectively.

Monthly changes reflect changes from month to month.

Annual changes reflect changes from the same month last year.

The Transport & Foreign Travel sector continues to be the largest contributor to the 12-month increase in the CPI (+7.7 per cent), as the average cost of airfares increased for a third consecutive month, rising 25.2 per cent (File photograph)

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Published September 15, 2021 at 8:19 am (Updated September 15, 2021 at 5:12 pm)

Inflation inches higher

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