January 2022 Consumer Price Index Report

April 6, 2022

Consumers paid 2.5% more in January 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]

A Government spokesperson said, “The Ministry of Economy and Labour released the January 2022 Consumer Price Index from the Department of Statistics. Consumers paid 2.5% more in January 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].

“In summary, during January 2022, consumers paid 2.5% more than they did in January 2021 for the basket of goods and services.

“The Food sector and the Health & Personal Care sector continue to have a substantial impact on the annual rate of inflation, as price shifts in these sectors were 4.7% and 3.3%, respectively. Goods in the Food sector such as frozen spare ribs [+28.1%], corn on the cob [+13.7%], and rice [+9.0%] reported notable annual average increases. Within the Health & Personal Care sector, the cost of health insurance [+4.7%] and prescription medicines [+2.3%] increased.

“The Education, Recreation, Entertainment & Reading sector climbed 3.0% annually in response to the rising cost of boat repairs [+9.7%] and televisions [+8.8%]. On an annual basis, Clothing & Footwear prices rose 0.7% as the cost of jewellery climbed 7.4%. The Rent sector [-0.6%] and the Fuel & Power sector [-5.7%] registered offsetting declines as the average cost of properties not subject to rent control declined by 2.0%. In comparison, the monthly tariff for 700 residential kilowatts hours of electricity fell 34.4% compared to the corresponding month last year.

“Between December 2021 and January 2022, the average cost of goods and services was unchanged.
Additional areas of note between December 2021 and January 2022 are as follows:

  • In response to a 6.3% decrease in the fuel adjustment rate, the Fuel & Power sector fell 2.0%.
  • The Tobacco & Liquor sector slid 0.1% for the month.  The average price of beer and wine declined 0.3% and 0.1%, respectively.
  • Overseas airfares fell 6.3% in January. As a result, the Transport & Foreign Travel sector declined 0.8% for the month.  In contrast, the average cost of premium fuels and mixed fuels rose 1.7% and 1.6%, respectively.
  • The Food sector increased by 0.8% in January. Contributing to the increase was the average price of bread [+8.0%], onions [+6.5%] and raisins [+4.7%].
  • The Clothing & Footwear sector dipped 0.1% due to the decline in the average cost of women’s shirts [-0.7%] and jewellery [-0.2%].

“*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual changes are from the same month last year, and monthly are the changes from month to month. The January 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics“

The full January 2022 Consumer Price Index follows below [PDF here]:

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  1. Ringmaster says:

    This Department needs to be closed down now. It’s clearly run by economists who thrive on theory and live in a virtual world but are totally out of touch with reality. Those in the real world, paying increased prices for just about everything, know inflation is not 2.5%.