June 2022 Consumer Price Index: Inflation 4.7%
Consumers paid 4.7% more in June than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
Minister of Economy and Labour Jason Hayward said, “In June 2022, Consumers paid 4.7% more in June 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
“In summary, during June 2022 consumers paid 4.7% more than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
Minister Hayward added, “The Transport & Foreign Travel sector continued to be the largest contributor to the twelve-month increase in the CPI [+9.0%]. On average, annual increases were reported in the price of overseas hotel stays [+50.5%], airfares [+15.6%], and car rentals and entrance fees to overseas theme parks [+5.4%].
“Food sector prices rose 8.0% annually. On average, increases were reported in the cost of tenderloins [+18.9%], frozen entrees [+18.4%], tomatoes and broccoli [+9.3%], and food purchased in restaurants [+6.3%]. The Education, Recreation, Entertainment & Reading sector also impacted strongly on the annual rate of inflation [+4.6%].
“The average cost of sport equipment climbed 3.2%. The average cost of magazines advanced 2.2%. Year-over-year, the Health & Personal Care sector was up 4.5%. The average cost of health insurance premiums [+6.4%], toiletries, cosmetics and perfumes [+3.5%], self-prescribed medicines and household medical supplies [+3.1%], and prescription medicines [+2.4%] increased.
“Between May 2022 and June 2022, the average cost of goods and services in the CPI rose 0.6%.
“The Transport & Foreign Travel sector rose 1.5% in June. Travelers saw higher prices in the average cost of car rentals and overseas theme park entrance fees [+26.9%], overseas hotels [+6.4%], and airfares [+1.5%].
“The Food sector edged up 2.0% for the month. Increases were reported in the average cost of pineapples [+21.2%], potatoes [+11.4%], frozen entrees [+5.4%], and food purchased in restaurants [+3.0%].
“The Education, Recreation, Entertainment & Reading sector advanced 0.2% for the month. Price increases were reported in the average cost of magazines [+2.2%], club membership subscriptions [+1.7%], and sporting equipment [+1.1%].
“The Health & Personal Care sector increased 1.0% for the month. The average cost of self-prescribed medication & household medical supplies rose 1.7% and health insurance premiums were up 1.3%.
“The Household Goods, Services & Supplies sector inched up 0.1% as the average cost of elderly care climbed 3.3%.
“*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 full June 2022 Consumer Price Index follows below [PDF here]:
