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Inflation rate continues to climb

Jason Hayward, the Minister of Economy and Labour, yesterday pegged inflation for the year to November at 2.8 per cent, as measured by the Consumer Price Index released by the Department of Statistics.

The minister said: “In November 2021, consumers paid 2.8 per cent more than they did in November 2020 for the basket of goods and services.”

He added: “The Transport and Foreign Travel sector continued to be the largest contributor to the 12-month increase in the CPI (+11.2 per cent).

On average, annual increases were reported in the cost of new cars (+2.6 per cent), overseas hotel accommodations (+37.8 per cent), premium fuel (+15.8 per cent) and airfares (+15.6 per cent).

The Food sector and the Health and Personal Care sector also impacted strongly on the annual rate of inflation, as price shifts in these sectors were 3.4 per cent and 3.3 per cent, respectively.”

“Between October 2021 and November 2021 the average cost of goods and services increased 0.5 per cent.”

Additional areas of note between October and November 2021 are:

• Within the Food sector, prices rose 1.7 per cent for the month. The main items contributing to the increase were cantaloupes (+6.3 per cent) and salmon and cod fish (+3.4 per cent). In addition, the average cost of prepared meals purchased from grocery stores advanced 3.7 per cent.

• The Tobacco and Liquor sector advanced 2.3 per cent, reflecting increases in the average price of wines (+3.8 per cent), spirits (+2.5 per cent) and cigarettes (+1.4 per cent).

• The Health and Personal Care sector jumped 1.5 per cent in November as the cost of the Health Insurance Plan (HIP) and Future Care rose 7.0 per cent and 6.0 per cent, respectively.

• The Transport and Foreign Travel sector declined 1.1 per cent. The decrease was attributed to the average cost of overseas car rentals (-10.2 per cent), airfares (-2.9 per cent) and premium fuels (-1.2 per cent).

The November 2021 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics

Going up: food prices climbed 3.4 per cent year-over-year in November, as the overall inflation rate rose to 2.8 per cent (File photograph)

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Published March 02, 2022 at 7:41 am (Updated March 02, 2022 at 7:42 am)

Inflation rate continues to climb

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