February Consumer Price Index: Inflation 4.2%
Consumers paid 4.2% more in February 2023 than 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 February 2023 CPI from the Department of Statistics.
“In summary, during February 2023, consumers paid 4.2 per cent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation declined from the January 2023 annual inflation rate of 4.5 per cent.”
“The Food sector was the largest contributor to the twelve-month increase in the CPI [+9.2 per cent]. Factoring primarily into the annual increase was the average cost of eggs [+67.7 per cent], lettuce [+55.3 per cent] and dry breakfast cereals [+17.7 per cent]. The largest year-to-year average price decrease was reported for red grapes [-9.8 per cent] and spare ribs [-7.8 per cent].
“In the twelve months to February 2023, the Transport & Foreign Travel sector increased 7.4 per cent. On average, annual increases were reported in the price of overseas accommodations [+39.7 per cent], airfares [+21.7 per cent] and new cars [+1.5 per cent]. In contrast, the annual average cost of premium and mixed fuels fell 2.9 per cent and 2.7 per cent, respectively.
“Year-over-year, the Education, Recreation, Entertainment & Reading sector rose by 4.0 per cent. The average cost of pleasure boats [+14.3 per cent] and televisions [+11.8 per cent] increased.
“The annual increase in the Household Goods, Services & Supplies sector was 4.2 per cent. On average, the cost of minor electrical appliances such as irons and toasters rose 7.8 per cent. In addition, power tool prices increased 7.4 per cent.
“The annual increase in the Health & Personal Care sector was 3.2 per cent. The average cost of toiletries, cosmetics and perfumes climbed 5.0 per cent, while self-prescribed medicines and household medical supplies increased 4.2 per cent.
“Between January 2023 and February 2023, the average cost of goods and services in the CPI increased 0.1 per cent.
“Additional areas of note between January and February 2023 were as follows:
- “The Education, Recreation, Entertainment & Reading sector was up 0.5 per cent. The rise in this sector was fueled by increases in the average cost of pleasure boats [+6.6 per cent] and pet care [+0.8 per cent].
- “The Rent sector edged up 0.6 per cent. Increases were reported in the average cost of properties not subject to rent control [+1.1 per cent], properties subject to rent control [+0.1 per cent] and household repair and maintenance costs [+0.1 per cent].
- “Despite the increase in the average cost of minor electrical appliances such as irons and toasters [+3.5 per cent], the Household Goods, Services & Supplies sector was unchanged for the month.
- “On average, prices within the Food sector contracted 0.2 per cent for the month. Price decreases were reported for lettuce [-17.7 per cent], red grapes [-13.0 per cent], onions [-4.5 per cent], potato chips [-4.0 per cent], tomatoes and broccoli [-3.4 per cent] and bread [-3.3 per cent].”
“*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 February 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”
The full February 2023 Consumer Price Index follows below [PDF here]:
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