Inflation pegged at 2.5% in year to January – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Inflation pegged at 2.5% in year to January

Consumers paid 2.5 per cent more in January than they did a year ago for the basket of goods and services included in the Consumer Price Index, the Ministry of Economy and Labour reported.

In a summary of the January CPI from the Department of Statistics, the food sector and the health and personal care sector continue to have a substantial impact on the annual rate of inflation, as price shifts in these sectors were 4.7 per cent and 3.3 per cent, respectively, the report said.

Goods in the food sector such as frozen spare ribs (+28.1 per cent), corn on the cob (+13.7 per cent), and rice (+9 per cent) reported notable annual average increases.

Within the health and personal care sector, the cost of health insurance (+4.7 per cent) and prescription medicines (+2.3 per cent) increased.

The education, recreation, entertainment and reading sector climbed three per cent annually in response to the rising cost of boat repairs (+9.7 per cent) and televisions (+8.8 per cent).

On an annual basis, clothing and footwear prices rose 0.7 per cent as the cost of jewellery climbed 7.4 per cent.

The rent sector (-0.6 per cent) and the fuel and power sector (-5.7 per cent) registered offsetting declines as the average cost of properties not subject to rent control declined by two per cent.

In comparison, the monthly tariff for 700 residential kilowatts hours of electricity fell 34.4 per cent compared with the corresponding month last year.

Between December and January, the average cost of goods and services was unchanged.

There are additional areas of note between December and January 2022.

In response to a 6.3 per cent decrease in the fuel adjustment rate, the fuel and power sector fell 2 per cent.

The tobacco and liquor sector slid 0.1 per cent for the month. The average price of beer and wine declined 0.3 per cent and 0.1 per cent, respectively.

Overseas airfares fell 6.3 per cent in January. As a result, the transport and foreign travel sector declined 0.8 per cent for the month.

In contrast, the average cost of premium fuels and mixed fuels rose 1.7 per cent and 1.6 per cent, respectively.

The food sector increased by 0.8 per cent in January. Contributing to the increase was the average price of bread (+8 per cent), onions (+6.5 per cent) and raisins (+4.7 per cent).

The clothing and footwear sector dipped 0.1 per cent due to the decline in the average cost of women’s shirts (-0.7 per cent) and jewellery (-0.2 per cent).

Between December and January, the average cost of goods and services was unchanged, according to the Department of Statistics (Photograph by David Fox)

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Published April 07, 2022 at 8:01 am (Updated April 08, 2022 at 8:12 am)

Inflation pegged at 2.5% in year to January

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