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Food price inflation remains at more than 10% but fuel and power shows sharp fall

Bermudians paid 10 per cent more for food in October year-on-year, according to the consumer price index report released yesterday by the Department of Statistics.

Food prices have consistently shown the greatest increase, with the September CPI showing groceries up 10.6 per cent, and August’s figures standing at 9.5 per cent.

Food costs were up 9 per cent annually in July, and 8 per cent in June.

However, October figures showed the island’s overall rate of inflation dropping 1.3 percentage points over the previous month — with consumers paying 3.8 per cent more for goods and services than they had a year before, versus 5.1 per cent in September.

A basket of goods and services that cost $100 in April 2015 “now costs $112.60”, the report said.

For food prices last October, cooking oil and pasta showed the sharpest increases, with both up more than 50 per cent.

In other sectors, health and personal care rose 4.8 per cent year-on-year, with medicines and household medical supplies up 6.7 per cent.

Fuel and power rose 5.1 per cent — with a 1.6 per cent increase in the fuel adjustment cost for 700 residential kWh compared with October 2021. The figure was a huge fall from September, which saw a 15.2 per cent rise in the sector.

The report attributed the drop in inflation for the fuel and power sector to a 16.1 decrease in the fuel adjustment rate.

The report highlighted a 4.4 per cent increase in the education, recreation, entertainment and reading sector. while pet supplies and upkeep went up 3.2 per cent.

Year over year, household goods, supplies and services climbed 3.7 per cent — which included a surge of 36.1 per cent on the average cost of dining room furniture.

In the report’s month analysis, rent showed no change for October.

Although still above 10 per cent, food prices did fall by 0.1 per cent between last September and October, but this was attributed to monthly food specials.

Bermuda’s rate of inflation for October stood significantly lower than that of the United States, Canada and Britain, which were recorded at 7.7, 6.9 and 14.2 per cent, respectively.

To read the October 2022 consumer price index report, click on the PDF under “Related Media”.

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Published January 13, 2023 at 8:07 am (Updated January 13, 2023 at 8:10 am)

Food price inflation remains at more than 10% but fuel and power shows sharp fall

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