Log In

Reset Password

Inflation drops to 1.7%

Consumer price index: The fuel and power sector recorded an overall cost decrease of 2.3 per cent between October and November, impacted by a 6.9 per cent decline in the fuel adjustment rate

Inflation fell to 1.7 per cent in November, down from 2.1 per cent the previous month.

A near 7 per cent decrease in the fuel adjustment rate, and lower cost of airfares and overseas accommodations were factors in the lower inflation figure.

The average cost of goods and services in the Consumer Price Index fell by 0.5 per cent between October and November, to 102.2.

That means that a basket of goods and services that cost $100 in April 2015, the current base measurement for the CPI, cost $102.50 in November.

The rent, tobacco and liquor, and health and personal care sectors were all unchanged.

The clothing and footwear sector rose 0.1 per cent, with the average cost of dry cleaning increasing by 1.4 per cent.

A decrease in the cost of frozen meals, down by 7.6 per cent, and fresh and frozen hamburgers, down 2.9 per cent, contributed to a 0.1 per cent fall in the food sector.

In the fuel and power sector, a decrease in the fuel adjustment rate of 6.9 per cent was a factor in the sector’s 2.3 per cent decline.

Average costs of airfares and overseas accommodations fell by 6.3 per cent and 1.7 per cent, respectively. The sector was down 2.8 per cent in November.

Year-on-year the transport and foreign travel sector decreased by 2.1 per cent, led by an 11.2 per cent drop in the average cost of airfares. Meanwhile, the education, recreation, entertainment and reading sector was up 4 per cent.

The data was released by the Bermuda Government’s Department of Statistics.

See Related Media for full CPI bulletin