Food Costs Down 0.2% Monthly, Up 9.2% Annually

May 21, 2023 | 0 Comments

Food prices in Bermuda have decreased a small amount lately according to the recently released February Consumer Price Index, which said that on an overall month to month basis the food sector contracted 0.2%, while an annual basic food sector prices rose 9.2%.

Looking at food prices on a month to month basis, the report said, “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].”

As far as year to year food prices, the report said, “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].”

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