Prices Drop 0.1% Monthly, Up 10.3% Annually
On a month-to-month basis, food prices dropped 0.1%, with items contributing to the decrease including onions, which reportedly dropped 29.9%, while on a year-to-year basis, food prices were up 10.3%, with major contributors to the annual increase including cooking oil, which was up 53.1%, and eggs, which went up 37.3%.
This is according to the recently released October Consumer Price Index which said that on an overall month-to-month basis, the food prices dropped 0.1% due to monthly food specials, while an annual basic food sector prices rose 10.3%.
Looking at food prices on a month-to-month basis, the report said, “On average, food prices dropped 0.1 per cent due to monthly food specials. Items contributing to the decrease were onions [-29.9 per cent] and green peppers [-24.7 per cent]. In contrast, the average cost of vegetable shortening [+18.7] and cooking oil [+10.6 per cent] increased.”
As far as year-to-year food prices, the report said, “The food sector continued to be the largest contributor to the twelve-month increase in the CPI [+10.3 per cent]. The major contributors to the annual increase in the sector were the average cost of cooking oil [+53.1 per cent], pasta [+52.4 per cent], eggs [+37.3 per cent] and bananas [+23.9 per cent].”
Egg prices — which are up 37.3% on a year to year basis, something which some locals have noted on social media — are up worldwide.
CBS reports, “As demand for eggs has risen, production in the U.S. has slumped because of the ongoing bird, or “avian,” flu epidemic. Nearly 58 million birds have been infected with avian flu as of January 6, the USDA said, making it the deadliest outbreak in U.S. history. Infected birds must be slaughtered, causing egg supplies to fall and prices to surge. Egg prices in December rose 60% from a year earlier, according to Consumer Price Index data released Thursday.”
How did we suddenly jump to double-digit inflation?
The PLP Government has been telling us consistently that our inflation rate is less than one-half that of the United States or United Kingdom or Canada!
Don’t worry folks, the government has got a plan and has this all figured out. Remember the town hall meetings and campaign promises. They are implementing a sugar tax to make us eat healthy therefore lowering your food bill. How’s that working out? The CO-OP businesses they talked about in town hall meetings must be ready to launch by now? Yes? Vertical Farming is going to create lots of jobs, lower prices and make us self-sufficient they said? When is the first crop coming cause I cant find carrots. Bermudas first Casino was set to open in 2021 Burt said? Two years later and nothing has changed except Burt passed that portfolio over to someone else to take the blame. Crypto / Blockchain waSs going to revolutionize the way the world does business and Arbitrade was going to bring millions in gold, lots of business and create hundreds of jobs and lots of cha-ching. Premiere Burt and Ms. Wilson was going to revamp the Health system to lower costs? How’s the long line fishing going? So far there new policies have led to insurance premiums rising a few hundred dollars per person. Since Burt took over the leadership, we have officially become the most expensive country in the world to live in FOR THE LAST THREE YEARS. Meanwhile, every one of his projects have failed or seemed to have been forgotten. Covid saved him for a few years but now what?