September Consumer Price Index: Inflation 2.4%

The Ministry of Economy and Labour released the September 2023 Consumer Price Index [CPI] from the Department of Statistics today [Feb 19].

A Government spokesperson said, “In summary, consumers paid 2.4 per cent more in September 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 was unchanged from the August 2023 annual inflation rate. Some highlights for September 2022 to September 2023 include:

• The Food sector increased by 4.4 per cent.
• The Rent sector increased 2.2 per cent.
• The Education, Recreation, Entertainment & Reading sector rose 3.3 per cent.
• The Health & Personal Care sector increased 2.2 per cent.
• The Transport & Foreign Travel sector increased by 2.2 per cent.

“Between August 2023 and September 2023, the CPI’s average cost of goods and services increased by 0.5 per cent. Additional areas of note between August and September 2023 were as follows:

• The Education, Recreation, Entertainment & Reading sector increased 1.1 per cent.
• The Transport & Foreign Travel sector increased 1.3 per cent.
• The Rent sector rose 0.4 per cent.
• The Food sector increased 0.2 per cent.

“In summary, the government measures the annual and monthly inflation rates each month. Annual is the change from the same month last year and monthly is the change from month to month. The September 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”

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

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