October Consumer Price Index: Inflation 3.8%

Consumers paid 3.8% more in October 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 October 2022 CPI from the Department of Statistics. In summary, during October 2022, consumers paid 3.8 per cent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation decreased 1.3 percentage points from the September 2022 annual inflation rate of 5.1 per cent.

“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].

“The Health & Personal care sector influenced the year-over-year increase at 4.8 per cent. On average, annual increases were reported in the price of self-prescribed medicines and household medical supplies [+6.7 per cent] and toiletries, cosmetics and perfumes [+4.1 per cent].

“In the twelve months to October 2022, the Fuel & Power sector increased 5.1 per cent. Compared to October 2021, the fuel adjustment cost for 700 residential kilowatts hours of electricity increased 1.6 per cent.

“The Education, Recreation, Entertainment & Reading sector impacted the annual rate of inflation by 4.4 per cent. The average cost of pet supplies and upkeep rose 3.2 per cent. On average, the entrance cost for movie theatres and shows rose 6.2 per cent.

“Year-over-year, the Household Goods, Services and Supplies sector was up 3.7 per cent. The average cost of dining room furniture [+36.1 per cent], living room furniture [+16.6 per cent] and bedroom furniture [+16.0 per cent].

“Between September 2022 and October 2022, the average cost of goods and services in the CPI decreased 0.7 per cent.

“Additional areas of note between September 2022 and October 2022 were as follows:

• The Clothing & Footwear sector rose 1.6 per cent for the month. On average, price increases were reported for men’s pants [+7.9 per cent], women’s dress suits [+3.6 per cent], men’s underwear [+2.6 per cent] and women’s underwear [+1.3 per cent].

• The Household Goods, Services & Supplies sector rose 0.5 per cent. Price increases were reported in the average cost of living room furniture [+7.8 per cent], bedroom furniture [+7.1 per cent] and dining room furniture [+4.9 per cent].

• In response to the 16.1 per cent decrease in the fuel adjustment rate, the Fuel & Power sector slid 4.1 per cent in October.

• The Transport & Foreign Travel sector was down 4.6 per cent. The decline was attributed to the decrease in the average cost of airfares [-17.0 per cent] and overseas hotel accommodations [-9.5 per cent]. In contrast, the average cost of new motorcycles and cars increased [+2.6 per cent] and [+0.9 per cent], respectively.

• 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.

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

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

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