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Inflation rate rises to 1%

Rising costs in the health and personal care, food and rent sectors were the main drivers of inflation in January.

Consumers paid 1 per cent more in the month than they did a year ago for the basket of goods and services included in the Consumer Price Index, the Department of Statistics reported.

The level of inflation increased by 0.5 per cent from December.

Between December and January, the average cost of goods in the CPI rose 0.9 per cent.

The all-items index was 106.3 in January. This means that the basket of goods and services that cost $100 in April 2015 now costs $106.30.

Prices in the health and personal care sector gained 4.1 per cent over the year, while food prices rose 2.4 per cent and the price of rent increased by 0.7 per cent.

Compared to December, prices rose in six sectors, declined in one, and were unchanged in two.

Prices in the fuel and power sector jumped by 6.4 per cent for the month as the fuel adjustment clause on Belco bills increased by 21.3 per cent.

In the transport and foreign travel sector, prices accelerated 2.2 per cent in January. The average cost of overseas travel rose substantially, with airfares up by 6.9 per cent, the cost of overseas hotels up by 6.4 per cent and car rental prices increasing 5.8 per cent.

Rents were up by 0.9 per cent for the month as the average cost of properties not subject to rent control rose 1.7 per cent.

Food prices increased by 0.8 per cent in January. Among the contributors to the increase, mayonnaise was up in price by 7.3 per cent, ground beef was 4.5 per cent more expensive, and the price of preserved meats increased by 3.9 per cent.

The cost of household goods, services and supplies was up 0.3 per cent for the month, with the average cost of childcare services rising 4.3 per cent.

The education, recreation, entertainment and reading sector edged up 0.1 per cent in January. There was a 2.4 per cent increase in pet food prices.

Prices in the tobacco and liquor sector declined 0.4 per cent in January, with the average price of wines falling 1.5 per cent.

Despite the 1 per cent rise in the average price of self-prescribed medicines and household medical supplies, the health and personal care sector was unchanged.

The clothing and footwear sector also remained unchanged.

The January 2020 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics

Click on Related Media for CPI bulletin

Moving up: rices in the fuel and power sector jumped by 6.4 per cent in January (Graph by Department of Statistics)

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Published April 06, 2020 at 9:00 am (Updated April 05, 2020 at 5:53 pm)

Inflation rate rises to 1%

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