Inflation rises to 0.8% in March – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Inflation rises to 0.8% in March

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Moving up: the rate of inflation rose 0.8 per cent in March. The food sector was the biggest contributor to the rise, as it increased 2.6 per cent
Moving up: the rate of inflation rose 0.8 per cent in March. The food sector was the biggest contributor to the rise, as it increased 2.6 per cent (Graph by Bill Zuill)

The inflation rate rose to 0.8 per cent in March.

Commenting on the Consumer Price Index report for the month, Wayne Furbert, Minister for the Cabinet Office, said: “In March 2021 consumers paid 0.8 per cent more than they did in March 2020 for a basket of goods and services.

“The food sector was the largest contributor to the increase in the CPI, up 2.6 per cent. On average, the cost of pineapples, fresh tenderloin steak and eggs rose 32.3 per cent, 21.2 per cent and 17.7 per cent, respectively. The health and personal care and education, recreation, entertainment and reading sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors measured 2.1 per cent and 1.8 per cent, respectively.”

Between February and March the average cost of goods and services increased 0.4 percentage points.

Also between the two months, the Transport & Foreign Travel sector rose 2.2 per cent. The increase was mainly due to increases in the average cost of overseas car rentals, up 11.1 per cent, and premium fuels rising 5.8 per cent.

The Rent sector edged up 0.2 per cent as the average cost of properties not subject to rent control rose 0.3 per cent.

Food prices moved up 0.3 per cent in March. On average, items contributing to the increase were boneless fresh and frozen pork loin, up 13.3 per cent, cantaloupes rising 6.7 per cent and eggs up 2.7 per cent.

Click on Related Media for a PDF the CPI Report for March

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Published May 21, 2021 at 7:43 am (Updated May 21, 2021 at 7:45 am)

Inflation rises to 0.8% in March

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