March Consumer Price Index: Inflation 4.7%
Consumers paid 4.7% more in March 2023 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 March 2023 CPI from the Department of Statistics.
“In summary, during March 2023, consumers paid 4.7 per cent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation increased from the February 2023 annual inflation rate of 4.2 per cent.
“The Transport & Foreign Travel sector was the largest contributor to the twelve-month increase in the CPI [+10.0 per cent]. Factoring into the annual increase was the average price of overseas accommodations [+36.7 per cent] and airfares [+25.3 per cent].
“In the twelve months to March 2023, the Food sector increased 9.4 per cent. On average, significant annual increases were reported in the cost of pasta [+58.7 per cent], cooking oil [+51.2 per cent], fruit juices [+33.8 per cent] and ice cream [+30.7 per cent]. In contrast, the annual average price of prunes [-15.3 per cent], potatoes [-5.1 per cent] and nuts and snacks [-2.0 per cent] decreased.
“Year-over-year, the Education, Recreation, Entertainment & Reading sector rose by 3.3 per cent. The average cost of boat repair and maintenance [+8.5 per cent] and pet care [+5.1 per cent] increased.
“The annual increase in the Household Goods, Services & Supplies sector was 4.3 per cent. On average, the cost of china, flatware and pot sets rose 15.3 per cent.
“The annual increase in the Health & Personal Care sector was 3.3 per cent. The average cost of self-prescribed medicines and household medical supplies [+5.1 per cent] and prescribed medicines [+3.0 per cent] increased.
“Between February 2023 and March 2023, the average cost of goods and services in the CPI increased 0.8 per cent.
“Additional areas of note between February and March 2023 were as follows:
- The Transport & Foreign Travel sector moved up 3.1 per cent in March. Increases were reported in the average cost of overseas hotel accommodations [+6.5 per cent], premium fuel [+5.3 per cent] and mixed fuel [+5.0 per cent].
- The average cost of boat repair and maintenance rose 9.8 per cent for the month. As a result, the Education, Recreation, Entertainment & Reading sector was up 0.9 per cent.
- The Tobacco & Liquor sector climbed 3.5 per cent in March. The average price of cigarettes [+10.7 per cent], beer [+1.4 per cent] and spirits [+1.1 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 March 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”
The full March 2023 Consumer Price Index follows below [PDF here]:
So stupid and meaningless. Just look at the various items above and see which if any have any relevance to everyday costs.
So much for the Duty Relief. It is time the people speak with their votes.
I still marvel at how the cost of goods comes down when they leave Port Elizabeth and before they arrive in Bermuda. It is nothing short of a miracle that our price inflation is half that of our major trading partners.