August Consumer Price Index Report Released

November 2, 2018

Today [Nov 2], the Minister for the Cabinet Office Walton Brown released the August 2018 Consumer Price Index [CPI] report from the Department of Statistics.

Minister Brown “noted that of the nine sectors in the items index, the largest year-over-year contributors to the August 2018 inflation rate are highlighted below:

  • The Health & Personal Care sector rose 3.6 per cent.
  • The Education, Recreation, Entertainment & Reading sector rose 2.3 per cent.
  • The Food sector advanced by 1.4 per cent.

Minister Brown explained, “The August 2018 inflation rate was 0.9 per cent, which is notable, because between July 2018 and August 2018 the average cost of all goods and services in the CPI decreased 0.5 per cent. This represents the lowest level of inflation since June 2016 [0.8 per cent].”

The Minister continued, “Such moderate inflation is beneficial for the economy as it encourages consumers to buy goods and services and also supports productive planning and investment. Delaying will mean that they would have to pay more for the same product. Consumers are further sheltered from accelerating price increases which can cause further strain in these still difficult, but improving economic conditions.”

The full August 2018 Consumer Price Index follows below [PDF here]:

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Comments (6)

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  1. DeOnion says:

    Since when have Ministers ever commented on these reports?

  2. ace bie says:

    So this is what Walton is reduced to … perhaps he would also like to explain in detail how the economic conditions are improving? Does he believe that tanking business confidence, new taxes, increased health care costs and a fall in employment income are examples of improving economic conditions?

  3. Not exactly says:

    Good grief! PLP is really grasping at straws to find a “positive” economic sign.

  4. red rose says:

    Wonder if he’ll comment when inflation hits new highs when the effects of the sugar tax hit.

  5. Pea ell pea says:

    I think the low inflation rate is the nearest thing to a decent economic indicator in months!

  6. Jonathan Land Evans says:

    While in theory a low level of inflation is a very good thing, in the modern world, where inflation has for so long been the norm, a rate of inflation that is dwindling towards zero might also be said to be a harbinger of economic recession. Unlike most countries I believe, Bermuda has never emerged very convincingly from the Great Recession. Clearly our economic troubles of recent times have a high proportion of ‘made in Bermuda’ to them. The high cost of public administration will certainly be a problem if our economy were to weaken further.