Inflation dipped for a consecutive month to stand at 3.3 percent in November according to the latest Government statistics.

The figures, released yesterday, was lower than in October when inflation stood at 3.4 percent, and September, when it was at a 12-year high of 3.8 percent.

But the Island's inflation remained significantly higher than rates reported by its major trading partners: November inflation was 1.6 percent in Canada, 1.8 percent in the United States, and 2.5 percent in Britain.

Between October and November, fuel and power prices posted the most significant increase, rising 1.1 percent.

The price increases were largely driven by an increase in electricity prices, which rose by 1.2 percent during the month. With oil prices fluctuating, fuel and power prices rose a total of 0.4 percent between November 2002 and November 2003.

Year-over-year, education, recreation and reading costs continue to post the most significant gains. A rise in those costs of 0.3 percent between October and November pushed the annual increase to 7.7 percent.

Food prices increased 0.2 percent during the month and rents increased by 0.1 percent, which officials attributed almost entirely to an increase in the rents of rent-controlled properties. The cost of household goods, services and supplies fell by 0.3 percent as retailers offered reduced prices for consumer electronics during the pre-holiday shopping season. The average cost of stereos, televisions, computers, VCRs and DVD players fell by 13.7 percent between October and November.

Lower accommodation costs overseas and cheaper gas prices pushed down prices in the transport and vehicles category by 0.5 percent.

Prices for health and personal care, tobacco and liquor and clothing and footwear remained unchanged during the month.

Bermuda's inflation was above three percent for most of 2003, but finance ministry officials said publicly they were not concerned about it.

Government's target inflation rate for 2003 was between 2.5 and three percent.