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Food prices soar by 8% as inflation reaches new high

Grocery prices have soared 8 per cent year-on-year, according to the latest Consumer Price Index released last night.

Overall, the inflation rate for June was measured at 4.7 per cent — 1 per cent up on May, which was Bermuda’s highest since December 2007.

The index, released by the Department of Statistics, shows a rise in prices across a range of foods: tenderloins were up 18.9 per cent; frozen entrées 18.4 per cent and vegetables such as tomatoes and broccoli were up 9.3 per cent compared with June last year.

The CPI also highlighted a 6.4 per cent increase in the average cost of health insurance premiums, compared with June 2021.

The cost of some furnishings showed a sharp rise: dining room and bedroom furniture went up 44.7 per cent and 11.1 per cent, respectively.

For the month of June, rent held steady, but fuel went up 0.2 per cent as the average cost of a cylinder of propane gas took on a 5.6 per cent increase.

To read the CPI in full, click on the PDF under “Related Media”.

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Published September 13, 2022 at 8:03 am (Updated September 13, 2022 at 8:46 am)

Food prices soar by 8% as inflation reaches new high

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