May 2022 Consumer Price Index: Inflation 3.7%

August 10, 2022 | 8 Comments

“Consumers paid 3.7% more in May than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]” which marks “the highest recorded level of inflation since December 2007 when the annual inflation rate was 3.6%.”

This is according to the May 2022 Consumer Price Index publication from the Department of Statistics, which was released today.

Minister of Economy and Labour Jason Hayward said, “In May 2022, consumers paid 3.7% more than they did a year ago for the same basket of goods and services; this was the highest recorded level of inflation since December 2007 when the annual inflation rate was 3.6%.”

Minister Hayward added, “The Transport & Foreign Travel sector continued to be the most significant contributor [+8.4%] to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of overseas hotel accommodations [+51.0%], airfares [+12.0%], premium fuels [+7.5%], and mixed fuels [+7.1%].

“Food sector prices climbed 6.4% annually. Notable increases were reported in the cost of tenderloin [+18.4%], frozen entrees [+11.4%], fruit juices [+10.8%] and baby food [+9.4%].”

“The Education, Recreation, Entertainment & Reading sectors strongly impacted the annual inflation rate [+5.3%]. The average cost of the local newspaper climbed 25.0%. The average price of pleasure boats advanced by 20.0%.

“Year-over-year, the Health & Personal Care sector was up 4.3%. The average cost of health insurance premiums [+6.0%], toiletries, cosmetics and perfumes [+3.6%], prescription medicines [+2.4%] and self-prescribed medicines and household medical supplies [+1.4%] increased.

“The Household Goods, Services & Supplies sector rose 2.9% over the last twelve months. Dining room and bedroom furniture prices increased 44.7% and 11.1%, respectively.

“Between April 2022 and May 2022, the average cost of goods and services in the CPI rose 0.5%.”

“Additional areas of note between April 2022 and May 2022 were as follows:

  • “The Transport & Foreign Travel sector increased 3.2% over the previous month, reflecting a price increase in the average cost of airfares [+17.6%]. In contrast, the average cost of overseas car rentals and hotel accommodations slid by 7.1% and 4.6%, respectively.
  • “The Food sector moved up 0.8% in May. Increases were reported in the average cost of cantaloupes [+20.7%], fruit juices [+6.2%], dry breakfast cereals [+4.0%] and soft drinks [+1.6%].
  • “The Education, Recreation, Entertainment & Reading sector advanced 0.3% for the month. Price increases were reported in the average cost of televisions [+17.1%], sporting fees [+4.7%], toys and games [+2.8%] and club membership subscriptions [+2.6%].

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

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

Read More About

Category: All, Business, News

Comments (8)

Trackback URL | Comments RSS Feed

  1. kevin says:

    when you dont want the flock to know you feed them BS and they believe it
    the rest of us know this number is bogus
    the plp are either really pathetic or grabbing on a hope they will believe whatever we tell them
    30-6 gets you a lie
    food costs have increased over 10 % prove me wrong
    the only thing the plp are good at is putting fear in the flock that they will go back to to the 1900′s if they vote for anyone else
    SAD !!! but they believe it

  2. Unknown800k says:

    Wait until the hospital charges skyrocket again. We will see if the public is told of all the upgrades needed on a new hospital. Yup built under the geniuses of the current admin.
    They’ll blame covid

  3. Question says:

    Why bother doing this, when the results are patently absurd?

    • sandgrownan says:

      Honestly, I think it’s a futile attempt to keep spinning the lie. No-one, I think, is fooled and I suspect even die-hard PLP supporters know it’s bollocks.

      • question says:

        Yes. In the narrative, in one place it says: “In contrast, the average cost of overseas car rentals and hotel accommodations slid 7.1 per cent
        and 4.6 per cent, respectively”, suggesting that prices in those areas decreased.

        Yet elsewhere it also says: “annual increases
        were reported in the price of overseas hotel stays (+51.0
        per cent)”.

        With huge inconsistencies like that (the usual Bermuda Civil Service attention to detail) you have to wonder if anyone over there knows what the heel they’re doing. It’s all bollocks.

      • trufth says:

        Yet those die-hard PLP supporters who know it’s bollocks will still vote for them. And they will get what they deserve.

        Around election time, one of the reporters should write an article outlining the OPTIONS voters have when neither party deserves their vote. Explain how they can “spoil their ballot” so we get the quorum we need to validate the election but send the message that we don’t want either party.

  4. Ringmaster says:

    More fairy tales from the PLP, and very convenient timing after boasting about a 2.5% increase in pensions last month. How can the rate be 3.7% when you look at the increases listed above, and hardly any decreases? Talk about lies, damn lies and statistics.

  5. Joe Bloggs says:

    “Food sector prices climbed 6.4% annually. Notable increases were reported in the cost of tenderloin [+18.4%], frozen entrees [+11.4%], fruit juices [+10.8%] and baby food [+9.4%].”

    How interesting. Our food prices climbed only 6.4% but food prices in the U.S., from where we import the majority of our food, climbed 10.4%. Something seems wrong with our statistics.

    Source: https://www.bls.gov/opub/ted/2022/consumer-prices-up-9-1-percent-over-the-year-ended-june-2022-largest-increase-in-40-years.htm

Leave a Reply