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Inflation rate stays at 1.9%

Bermuda's inflation rate stayed at 1.9% in January, the third consecutive month the rate has remained unchanged.

The annual inflation rate in January remained at 1.9 percent for a third consecutive month, although a number of sectors continue to see price rises, notably healthcare costs.Year over year, the health and personal care sector saw a 7.7 percent increase in costs, according to the Consumer Price Index (CPI) figures released today as released by the Department of Statistics.The food and transport and vehicles sectors also strongly impacted the annual rate of inflation. Price increases in these two sectors were 3.5 and 2.5 percent, respectively.In the month-to-month analysis, the food sector measured the largest increase in prices, marking a 2.3 percent jump for January. The main items contributing to the increase were frozen spare ribs (+7.5 percent), spices (+6.9 percent) and canned tuna (+4.6 percent).Clothing and footwear sector saw a 1.1 percent rise and household goods, services and communications sector rose by 0.1 percent for the month pushed up by the cost of subscription television services, which increased by 1.7 percent.The cost of self-prescribed medicines and household medical supplies rose 1.4 percent while the tobacco and liquor sector edged up 0.5 percent as the price of alcohol spirits increased 1.6 percent.Meanwhile, the fuel and power sector dropped 1.4 percent in January. Residential consumers paid 1.5 percent less for electricity.Between December and January, the average cost of goods and services in the Consumer Price Index increased by 0.2 percent. The all-items index increased to 120.3 index points in January. This means that the basket of goods and services that cost $100 in April 2006 now cost $120.30.