April Consumer Price Index: Inflation 3.8%
Consumers paid 3.8% more in April 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 April 2023 CPI from the Department of Statistics.
“Consumers paid 3.8 per cent more in April 2023 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
“In summary, during April 2023, 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 declined from the March 2023 annual inflation rate of 4.5 per cent.
“The Food sector was the largest contributor to the twelve-month increase in the CPI [+9.3 per cent]. Factoring into the annual increase was the cost of pineapples [+26.5 per cent], frozen entrees [+19.8 per cent], dry breakfast cereals [+19.5 per cent] and baby food [+11.4 per cent]. In contrast, the annual average price of onions [-20.1 per cent], spare ribs [-11.0 per cent] and sausages and hot dogs [-2.0 per cent] decreased.
“In the twelve months to April 2023, the Transport and Foreign Travel sector increased by 8.2 per cent. Notable annual increases were reported in the cost of overseas hotel accommodations [+33.7 per cent], airfares [+18.1 per cent] and motorcycles [+5.6 per cent].
“The annual increase in the Health & Personal Care sector was 3.1 per cent. The average cost of health insurance premiums [+4.1 per cent], self-prescribed medicines and household medical supplies [+2.7 per cent] and toiletries, cosmetics and perfumes [+2.2 per cent] increased.
“The annual increase in Clothing & Footwear sector was 1.9 per cent. On average, increases were reported in men’s outerwear [+33.3 per cent], sweaters [+18.7 per cent], watches [+18.6 per cent], women’s outerwear [+11.5 per cent] and men’s and women’s shoes [+13.3 per cent].
“The Fuel & Power sector slid 5.7 per cent as the fuel adjustment clause fell 22.5 per cent in the twelve months to April 2023.
“Between March 2023 and April 2023, the average cost of goods and services in the CPI increased by 0.5 per cent.
“Additional areas of note between March and April 2023 were as follows:
- The Health & Personal Care sector rose 2.0 per cent. The average cost of health insurance premiums increased 2.7 per cent. The cost of antigen rapid tests rose 12.3 per cent.
- The Food sector inched up 0.4 per cent in April. Increases were reported in the average cost of green peppers [+14.0 per cent], cheddar cheese [+4.0 per cent] and pineapples [+2.3 per cent]. In contrast, the average cost of onions [-12.8 per cent], red grapes [-9.1 per cent], and cantaloupes [-8.2 per cent] fell.
- The Tobacco & Liquor sector increased by 1.1 per cent as the average price of beer [+3.6 per cent] and spirits [+1.1 per cent] increased.
- The Transport & Foreign Travel sector was up 1.0 per cent for April. The average cost of overseas hotel accommodations [+10.7 per cent] and motorcycles [+1.3 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 April 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”
The full April 2023 Consumer Price Index follows below [PDF here]:
“Consumers paid 3.8% more in April than they did a year ago for the basket of goods and services”
Yes! Once again price inflation is lower in Bermuda than in the U.S., U.K. or Canada!
I’d like to know what the compounded rate of inflation is year to date.
Not month to month
Not the same period, year over year
What is the total compounded rate of inflation year to date?
It cannot possibly be 3.8% when the countries from which we import 90% of our goods are running price inflation rates roughly double our 3.8%.
Unfortunately, the Government Department of Statistics does not release raw data, so their work cannot be verified.