OBA Leader: Inflation Figures ‘Don’t Add Up’
[Updated] The inflation figures presented by the Cabinet Office “just don’t add up,” Opposition Leader Cole Simons has asserted, saying that reports indicate inflation in the US was 6.2% and 4.2% in the UK and since “Bermuda is totally dependent on imported goods”, he has questioned how Bermuda’s 1.6% was calculated.
Mr. Simons said, “The Ministry of the Cabinet Office recently released Bermuda’s Consumer Price Index for the period ending August 2021, which surprisingly indicates an increase of only 1.6%. The OBA questions how this is possible and how were these figures calculated for the following reasons:
“In the United States, the Brookings Institute and the US Labor Statistics Department confirmed that their rate of inflation for the year ending October 31, 2021, came in at 6.2%.
“Across the Atlantic, in the UK, the Independent newspaper indicated that their inflation rate for 2021 was at its highest in a decade at 4.2% amid fears over Covid recovery. This figure was supported by CNBC News who reaffirmed that the U.K.’s Consumer Prices Index rose by 4.2% in the 12 months to October 2021.
“As for the Euro Zone, their inflation rose to 4.1% for October, hitting a new 13-year high according to the Euro Department of Statistics and CNB
“The figures presented by the Cabinet Office to the Bermuda public just don’t add up,” Mr Simons claimed, adding that “as Bermuda is totally dependent on imported goods, how can this government either unintentionally or intentionally misrepresent or miscalculate Bermuda’s inflation figure to the people of Bermuda to be only 1.6%?
“It is well documented that Bermuda is interdependent and interconnected to our supply chain countries. These supply chain countries show vastly different inflation rates to that of Bermuda for the 12-month period ending October 31, 2021
“This disparity is further exacerbated when shipping and local profit margins are factored in.
“Based on this information, Bermudians will actually have less purchasing power, and less value for their hard-earned dollars. Unfortunately, Bermuda’s real purchasing power will decrease as the price for a basket of essential goods increased by at least 6%, not 1.6%
“As painful as it is, the increase in Bermuda’s already expensive cost of living makes it extremely difficult for middle-class, blue-collar workers, the under employed and the unemployed to survive.
“The Cabinet Office must do a better job and provide a clearer picture of the real reduction of our spending power. Bermuda deserves it,” he added.
We asked the Government for a response and will update as able.
Update 10.32pm: Minister for the Cabinet Office Wayne Furbert said, “Official Statistics are not prepared by Ministers, and it is shameful for the Opposition Leader to attack the integrity of the hardworking Public Officers in the Department of Statistics who serve the Government of the day with integrity and professionalism.
“If the Opposition Leader has questions, I ask him to put forward these questions in the House of Assembly and not attack Public Officers who do their work without any political interference.”
Well, I think Cole answered his own question.
“…how can this government either unintentionally or intentionally misrepresent or miscalculate Bermuda’s inflation figure…”
They are either lying (probable) or can’t do math (equally probable).
Take your pick.
There is a third option: the government are frikin liars.
1.6% sounds grossly out of whack ! Groceries / building materials etc have increased 40% in many cases and even more in others…….we all see it increasing on a weekly basis .
Finally an opposition member with a valid point !! Keep it up .
Makes you wonder if they live in some sort of a parallel universe eh ?
The response from Furbert confirms his ignorance and doesn’t care attitude. The number makes no sense, so why didn’t he query the numbers before announcing them?
He is just an overpaid mouthpiece who will recite anything given to him without question. Same for retail figures. One would expect better from the ex leader of the UBP.
Flip Flop wants us to believe that the OBA are wrong in questionning he says those questions should be asked in the HOuse well he is right the OBA shouldnt have had ask to question …..the PLP should have questioned the 1.6% are they that out of the loop or is it they dont know themselves…more likely the second
when a govt blames everything on the OBA when they have been in power for 19 out of 23 years its pretty obvious they are kite without a tail in a 20 knot breeze
“Minister for the Cabinet Office Wayne Furbert said, “Official Statistics are not prepared by Ministers, and it is shameful for the Opposition Leader to attack the integrity of the hardworking Public Officers in the Department of Statistics who serve the Government of the day with integrity and professionalism.”
So, the former UBP leader is attacking the messenger and not even trying to defend the message. Interesting (and typical).
similar to all there projects, bet the 800k adds up tho
Horse Gate take the other 5 in your party and change the name again.