November Consumer Price Index: Inflation 3.8%

Consumers paid 3.8% more in November 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 November 2022 CPI from the Department of Statistics. This publication now includes two new charts presenting year-to-year inflation rates and month-over-month inflation rates.

“In summary, during November 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 was unchanged from the October 2022 annual inflation rate of 3.8 per cent.

“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]. In contrast, raisins [-9.6 per cent], liver [-2.4 per cent] and vanilla extract [-2.4 per cent] were down year-over-year and represent the largest decreases.

“The Education, Recreation, Entertainment & Reading sector impacted the annual inflation rate by 4.0 per cent. The average cost of televisions [+14.2 per cent] and pleasure boats [+11.0 per cent] increased. On average, toys and games rose 1.8 per cent.

“The annual increase in the Health & Personal care sector was 3.3 per cent. On average, the price of self-prescribed medicines and household medical supplies was up 6.4 per cent.

“In the twelve months to November 2022, the Transport & Foreign Travel sector increased 3.5 per cent. On average, annual increases were reported in the price of airfares [+6.2 per cent], premium fuel [+4.3 per cent] and mixed fuel [+4.0 per cent].

“Year-over-year, the Household Goods, Services and Supplies sector was up 3.8 per cent. The average cost of refrigerators and freezers [+13.5 per cent], stoves [+7.7 per cent] and washers and dryers [+7.0 per cent] increased.

“Between October 2022 and November 2022, the average cost of goods and services in the CPI increased 0.4 per cent.

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

• 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 Transport & Foreign Travel sector advanced 0.7 per cent in response to an increase in the average cost of airfares [+13.0 per cent].

• The Rent sector rose 0.1 per cent as the average rent for units subjected to rent control rose 0.2 per cent, while the average rent for units not subjected to rent control increased 0.1 per cent.

• The Tobacco & Liquor sector slipped 0.2 per cent in November. The average cost of wine [-0.5 per cent] and spirits [-0.5 per cent] declined.

“This publication now includes two new charts presenting year-to-year inflation rates and month-over-month inflation rates.

“Users are advised of the publication’s Technical Note, which indicates that a typographical error was detected in the September and October 2022 CPI publications. Updated publications have been published to the Government’s portal.

“*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 November 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”

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

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