Fuel costs soar – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Fuel costs soar

The inflation rate dropped back below three percent in December, as food prices fell.

The Consumer Price Index (CPI), released by the Department of Statistics on Friday, showed consumers paid 2.9 percent more for specified goods and services in December than they did a year earlier. This marked a slight fall from the 3.1 percent inflation rate recorded in November.

The 1.4 percent fall in food prices between November and December was a factor in the easing of the annual inflation rate.

The report highlighted decreases in the price of red grapes (down 18 percent), spare ribs (down 14.2 percent) and roasting chickens (down 9.4 percent).

However, food prices were still three percent higher, year over year.

The biggest drivers of the increase in the cost of living remained healthcare and energy costs.

Prices in the health and personal care sector were seven percent higher than a year earlier, while fuel costs soared 13.4 percent and power bills rose three percent.

The month-to-month analysis, however, showed inflationary pressures easing, with no change in fuel and power costs from November, and a 0.1 percent fall in health and personal care costs.

The transport and vehicles sector experienced a 0.5 percent monthly rise, reflecting a 6.5 percent increase in hotel accommodations, although air fares fell 2.2 percent and the cost of fuel dropped 1.8 percent.

Price easing: Food prices fell 1.4 percent between November and December, according to the latest CPI report

You must be Registered or to post comment or to vote.

Published February 13, 2012 at 7:00 am (Updated February 12, 2012 at 9:01 pm)

Fuel costs soar

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon