October Consumer Price Index: Inflation 3.9%
The Ministry of Economy and Labour released the October 2023 Consumer Price Index [CPI] from the Department of Statistics.
A Government spokesperson said, “In summary, consumers paid 3.9 per cent more in October 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 rose 1.5 percentage points from the September 2023 annual inflation rate. The Government notes that while inflation was trending downward in 2023, this increase in October largely attributed to the FAR adjustment, demonstrates the need for continued measures outlined in the 2024 Budget to tackle the cost of living.
“Some highlights for October 2022 to October 2023 include:
- The Transport & Foreign Travel sector increased 9.1 per cent.
- The Food sector increased 4.9 per cent.
- The Education, Recreation, Entertainment & Reading sector rose 3.7 per cent.
- The Rent sector grew 2.3 per cent.
- The Fuel & Power sector increased 9.4 per cent in response to the 45.3 per cent increase in the fuel adjustment rate.
“Between September 2023 and October 2023, the average cost of goods and services in the CPI increased 0.8 per cent. Additional areas of note between September and October 2023 were as follows:
- The Fuel & Power sector increased 10.0 per cent because of the 48.5 per cent increase in the fuel adjustment rate.
- The Transport & Foreign Travel sector grew 1.9 per cent.
- The Education, Recreation, Entertainment & Reading sector rose 0.5 per cent.
- The Food sector rose 0.4 per cent.
“*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual changes are from the same month last year, and monthly changes are from month to month. The October 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.”
The full October 2023 Consumer Price Index follows below [PDF here]:
