June Consumer Price Index: Inflation 2.7%

The Ministry of Economy and Labour released the June 2023 CPI from the Department of Statistics today.

A spokesperson said, “In summary, consumers paid 2.7 per cent more in June 2023 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation declined from the May 2023 annual inflation rate of 3.1 per cent. Some highlights for June 2022 to June 2023 include:

• The Food sector was the largest contributor to the twelve-month increase in the CPI [+6.8 per cent].
• The Education, Recreation, Entertainment & Reading sector rose 3.4 per cent.
• The Rent sector increased 1.8 per cent.
• The Health & Personal Care sector increased 2.4 per cent.

“Between May 2023 and June 2023, the average cost of goods and services in the CPI rose 0.2 per cent. Additional areas of note between May and June 2023 were as follows:

• The Food sector advanced 0.6 per cent.
• The Rent sector increased 0.3 per cent.
• The Education, Recreation, Entertainment & Reading sector advanced 0.4 per cent.
• The Health & Personal Care sector rose 0.2 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 June 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”

The full June 2023 Consumer Price Index follows below [PDF here]:

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