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Food inflation remains above 10% but overall rate drops, latest figures show

The cost of eggs rose 50 per cent in November (Photograph by Akil Simmons)

Food prices jumped 10.4 per cent in one year, according to the consumer price index for last November – which showed the cost of eggs rising by just over 50 per cent.

Gasoline prices also climbed 5 per cent from November 2021 to November 2022, the report shows.

Overall, Bermuda’s inflation rate for the month stood at 3.8 per cent after peaking year-on-year at 5.1 per cent in September 2022.

Fruit juices, ice cream and bread climbed in cost over the year, by 32.9 per cent, 21.1 per cent and 19 per cent respectively.

Food prices last November rose 1.8 per cent over the previous month – lettuces were 40.0 per cent more expensive, green peppers were up by 20.1 per cent, and cantaloupes up 7.9 per cent.

The figures, issued yesterday by the Department of Statistics, were in keeping with the CPI for October 2022, which were again topped by food costs at 10 per cent.

That trend ran was also reflected in the September 2022 CPI, which showed groceries up 10.6 per cent, and August’s figures standing at 9.5 per cent.

The November 2022 CPI showed the education, recreation, entertainment and reading sector up by 4 per cent.

A new television was up 14.2 per cent, while the price of pleasure boats climbed 11 per cent, and toys and games were up 1.8 per cent.

Health and personal care was up 3.3 per cent – while self-prescribed medicines and household medical supplies rose 6.4 per cent in price.

Year-on-year, the household goods, services and supplies sector increased 3.8 per cent.

The price tag for a new refrigerator and freezer rose by 13.5 per cent between November of 2021 and 2022.

Stoves were 7.7 per cent more expensive over one year, while the cost of a washer and dryer rose 7 per cent.

The month-on-month analysis statistics showed rent up 0.1 per cent.

Properties subject to rent control rose 0.2 per cent for the month, and the average rent for housing not subject to rent control increased 0.1 per cent.

Several categories held steady in their costs month-on-month: clothing and footwear; education, recreation, entertainment and reading, and the fuel and power sector.

But year-on-year, transport and foreign travel went up 3.5 per cent, with the average cost of airfare rising 6.2 per cent.

Premium fuel cost 4.3 per cent more at the pumps, while mixed fuel was up 4 per cent year-on-year.

For the month, tobacco and liquor showed a modest drop.

The cost of wines was down 0.5 per cent on average, and spirits down 0.5 per cent.

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

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Published February 28, 2023 at 8:03 am (Updated February 28, 2023 at 8:17 am)

Food inflation remains above 10% but overall rate drops, latest figures show

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