Food Up 10.4% Annually, Up 1.8% Monthly
The average cost of eggs went up 50.3%, ice cream went up 21.1% and bread went up 19.0% on a year to year basis; while on a month to month basis, the average cost of lettuce increased by 40.9%, green peppers went up 20.1% and cantaloupes went up 7.9%.
This is according to the recently released November Consumer Price Index which said that on an overall month to month basis, the food prices increased 1.8%, while an annual basis, food sector price rose 10.4%.
As far as year to year food prices, the report said, “The Food sector continues to be the largest contributor to the twelve-month increase in the CPI [+10.4 per cent]. The major contributors to the annual increase in the sector were the average cost of eggs [+50.3 per cent], fruit juices [+32.9 per cent], ice cream [+21.1 per cent] and bread [+19.0 per cent].”
Looking at food prices on a month to month basis, the report said, “Food within the Food sector, prices were up 1.8 per cent for November. Price increases were reported in the average cost of lettuce [+40.9 per cent], green peppers [+20.1 per cent] and cantaloupes [+7.9 per cent].”
The massive increase in egg prices is happening around the world, CNBC notes that egg prices rose 60% in 2022 in the USA, attributing this to “the deadliest outbreak of bird flu in U.S. history, which killed millions of egg-laying hens.”
NO! No! No! The PLP Government has been telling us for nearly a year now that inflation in Bermuda is only between 3% and 4%!
Our inflation rate was roughly 1/2 of that in the U.K., the U.S. or Canada.
Now we are being told something different? I want an explanation!
Good luck waiting for an explanation from Minister Wayward. I believe the inflation rate for food is far higher than 10.4%. Just look at the vast increases in the prices of basic staples like apples and oranges. As far as eggs prices world wide I was in Thailand recently and a tray of 30 eggs there was a shade under $4, so, no, not world wide.
According to the 2022 Digest, the price of 1 dozen eggs in Bermuda rose by 21% in 2021, the price of pork chops rose by 19% and the price of Apples rose by 10%.
Of course, those figures are for price increases from 2020 to 2021. We do not have figures for 2021 to 2022, so we have to take the word of the PLP Government that our inflation rate is less than ½ that of our main trading partners.
“We had to deceive you!”
Hands up who’s salary has gone up 10%? Anyone?