May Consumer Price Index: Inflation 3.1%
Consumers paid 3.1% more in May than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
A Government spokesperson said, “Consumers paid 3.1 per cent more in May 2023 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
“The Ministry of Economy and Labour released the May 2023 CPI from the Department of Statistics.”
“In summary, during May 2023, consumers paid 3.1 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 April 2023 annual inflation rate of 3.8 per cent.”
“The Food sector was the largest contributor to the twelve-month increase in the CPI [+8.3 per cent]. Factoring into the annual increase was the cost of pineapples [+49.0 per cent], ice cream [+31.8 per cent] and fruit juices [+29.1 per cent]. In contrast, the annual average price of onions [-26.7 per cent], green peppers [-21.1 per cent] and boneless pork loin [-15.3 per cent] decreased.
“In the twelve months to May 2023, the Transport and Foreign Travel sector increased 3.9 per cent. Notable annual increases were reported in the cost of overseas hotel accommodations [+35.2 per cent] and motorcycles [+6.6 per cent]. In contrast, the annual average price of airfares declined 2.4 per cent.
“Year-over-year, the Education, Recreation, Entertainment & Reading sector rose 3.2 per cent. The average cost of pleasure boats [+18.4 per cent] increased. In contrast, the annual average price of televisions fell 10.8 per cent.
“The annual increase in the Health & Personal Care sector was 3.2 per cent. The average cost of self-prescribed medicines and household medical supplies [+6.0 per cent] and toiletries, cosmetics and perfumes [+2.5 per cent] increased.
“Between April 2023 and May 2023, the CPI’s average cost of goods and services decreased 0.1 per cent.
“Additional areas of note between April and May 2023 were as follows:
- The Transport & Foreign Travel sector slid 0.9 per cent. The average cost of overseas hotel accommodations [-3.5 per cent] and airfares [-2.8 per cent] decreased.
- The Food sector dipped 0.2 per cent in May. Price decreases were reported in the average cost of green peppers [-18.8 per cent], boneless pork loin [-16.5 per cent] and onions [-5.8 per cent]. In contrast, the average cost of red grapes [+13.3 per cent], sugar [+7.2 per cent] and butter [+5.2 per cent] rose.
- The Education, Recreation, Entertainment & Reading sector rose 0.3 per cent for the month. The average price of pleasure boats climbed 3.5 per cent. In contrast, the average sports and fitness club membership cost declined 2.1 per cent.
- The increase in the average rent of properties subject to rent control [+0.1 per cent] and properties not subject to rent control [+0.1 per cent] contributed to the 0.1 per cent rise in the Rent sector.”
“*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 May 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”
The full May 2023 Consumer Price Index follows below [PDF here]:
