March Consumer Price Index: Inflation 1.9%
The Ministry of Economy and Labour released the March 2024 Consumer Price Index from the Department of Statistics today.
A Government spokesperson said, “In summary, consumers paid 1.9 per cent more in March 2024 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation decreased 0.6 percentage points from the February 2024 annual inflation rate. Some highlights for March 2023 to March 2024 include:
- The Rent division increased 2.3 per cent.
- The Food division advanced 3.7 per cent.
- The Education, Recreation, Entertainment & Reading division increased 3.0 per cent.
- The Health & Personal Care division increased 2.7 per cent.
- The Household Goods, Services & Supplies division rose 2.3 per cent.
“Between February 2024 and March 2024, the average cost of goods and services increased.
“0.1 per cent. Additional areas of note between February 2024 and March 2024 were as follows:
- The Education, Recreation, Entertainment & Reading division increased 0.6 per cent.
- The Tobacco & Liquor division rose 0.6 per cent.
- The Health & Personal Care division increased 0.1 per cent.
- The Rent division increased 0.1 per cent.
The full March 2024 Consumer Price Index follows below [PDF here]:
Inflation in the U.K. in March 2024 was 4.7%. Inflation in the U.S. in March 2024 was 3.5%. Inflation in Canada in March 2024 was 2.9%.
Inflation in Bermuda is lower than the countries from which we acquire the vast majority of our consumable goods.
Given that our inflation rate is lower than those countries from which we acquire the vast majority of our consumable goods, we should consider importing and exporting goods. The old U.S. Navy dock in St. David’s could be used as a free port. Our low inflation rate makes us quite attractive for such a business.
The PLP Government should hire itself out as international economic experts given the state of our economy when compared with that of the U.K., U.S. and Canada.