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Bermuda’s inflation falls to 3.8% in April

The only way is up: the cost of a basket of goods continues to rise, according to the latest Consumer Price Index (File photograph)

Bermuda’s inflation dipped slightly but continues to hover around the 4 per cent mark, according to the latest figures.

The Consumer Price Index, released by the Government’s Department of Statistics today, shows that consumers paid 3.8 per cent more for a basket of goods and services in April 2023 than they did 12 months earlier.

The figure represents a drop of 0.7 percentage points from March, when inflation was 4.5 per cent.

Price increases were once again led by food prices, which were up 9.3 per cent on year.

The cost of pineapples shot up by 26.5 per cent, while frozen entrées and dry breakfast cereals were about 20 per cent more expensive.

Items that dropped in price included onions, spare ribs, sausages and hot dogs.

Transport and foreign travel prices increased 8.2 per cent, driven by the cost of overseas hotel accommodations — up 33.7 per cent — and airfares, up 18.1 per cent.

Prices of health and personal care products rose 3.1 per cent, with health insurance premiums, over-the-counter medicines and household medical supplies, and toiletries, cosmetics and perfumes all more expensive.

Clothing and footwear purchases prices were also marginally up on last year.

However, prices of items in the fuel and power category slid 5.7 per cent as the fuel adjustment fell 22.5 per cent in the 12 months to April 2023.

Month-on-month, prices increased 0.5 per cent between March and April, with the biggest increases coming in health (2 per cent), followed by tobacco and liquor (1.1 per cent), transport and foreign travel (1 per cent) and food (0.4 per cent).

The latest Consumer Price Index is available online here.

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Published August 17, 2023 at 7:55 am (Updated August 17, 2023 at 8:19 am)

Bermuda’s inflation falls to 3.8% in April

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