April Consumer Price Index: Inflation 2.2%
Consumers paid 2.2% more in April than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the Department of Statistics’ April 2024 Consumer Price Index.
“In summary, consumers paid 2.2 per cent more in April 2024 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation increased 0.3 percentage points from the March 2024 annual inflation rate. Some highlights for April 2023 to April 2024 include:
- The Rent division increased 2.2 per cent.
- The Health & Personal Care division advanced 3.3 per cent.
- The Food division increased 3.6 per cent.
- The Education, Recreation, Entertainment & Reading division increased 3.0 per cent.
- The Fuel & Power division rose 6.4 per cent.
“Between March 2024 and April 2024, the average cost of goods and services increased 0.8 per cent. Additional areas of note between March 2024 and April 2024 were as follows:
- The Health & Personal Care division increased 2.7 per cent.
- The Transport & Foreign Travel division rose 2.7 per cent.
- The Food division increased 0.3 per cent.
- The Clothing & Footwear division increased 1.3 per cent.”
The full April 2024 Consumer Price Index follows below [PDF here]:
What are they trying to do get rich quick or break this island.
The profit margins for many businesses are unbeleivable and un realistic many have their employees by the throat
it is only business that keeps inflation going.
This time we see that you are INCHING up your profits.
We have no releif, not even tempory or seasonal relief on import duty and land tax ?
We either go bust or busines goes bust, may i assure you it will not be the people. We call it boycott.
YOU have no customers , you go under.
We see what esentials you are increasing prices on, I assure you we are aware of profit and loss you are also aware that your stock depreciates as it get older so you discount bad stuff leave it on the shelfof have to throw it out.
Business are at the end of the marketing line up and are only merchandisers or marketers they don’t make their stiuff however they smash the increase in prices out of the ball park.
They have to approach the problem with a better business listing before and after prices together as a marketing strategy, or loose the lot.
Lots of empty stores with their lights off these days, who ,do not know the differnce between want and need .
This is getting beyond the joke !
And still our inflation rate is less than that of our major trading partners!
Can you tell us why basic goods and foods cost less for our trading partners than for the same products in Bermuda?
My answer would be because it costs money to import goods to Bermuda then pay customs duty on those goods.
The Bermuda Government disagrees with my analysis and claims that price inflation here is less than it is in the United States.
Mr. B.
Can you tell us why our money to day buy us all less.
We have to face up to our reality .
Here ia a clear example from two months back.
I received and many others had a written notice from my insurance company that my insurance premiun was going to increase by exactly 10 % with my next payment.
Ask why 10 % ?
Do they have a crystal ball which forecasts that Garages will up their prices by 10 % or do they increase the staff and directors and share holders pay packets by 10 %.
Unfortunately in due course , I received my official notice requesting the new increased premium which forced me to modify my insurance to reduced coverage that payment was also subject to the 10 %
‘ Fact ‘
My new premiun buys me less.
As a result I drive very slow with a pile up of vehicles behind me my foot is constantly on the break Pedal.
Our down fall here is that Bermudiana is very impatient whick make me a liability as i do not have ticket money.
Over the years having traded with insurance I have become full aware of the policies relating to insurance.
Here is where I choose the let the sleeping dog lay .
Again, why do our women folk still complain about about the past escalation and stagnation of the food prices, as we and they all know a 1% inflation can usually be managed .
HOWEVER.
10 % up in food back then add to a” non increase” in income by the comparable 10% which has destroyer Bermudiana in the first place , now become the 20 % hit .
“What goes up never comes down”. ~~~~~~ ” We just got bit by two mosquitoes “.
Further more i am not going to accept the U.S.A .and Janet Yellin’s statistical numbers.
Tell me did the USA a fuel price come down, not this week
The damage has been done, the water has gone under the bridge .
PAC MAN,
Currency devalues over time. Ignoring deliberate fiscal policy, whether one chooses to analyse the devaluation of a given currency as the time value of money or the effect of price inflation, the end result does not change.
In Bermuda, we are told that price inflation was only around 2% in the first quarter of this year (2.5% in February, but only 1.9% in March).
At the same time, price inflation in the United States, our greatest trading partner, was 3.1% in January 2024, 3.2% in February 2024, and 3.5% in March 2024.
That means that either the price of goods went down somewhere between Port Elizabeth, New Jersey and Bermuda or Bermuda’s importers were buy goods from American wholesalers at prices that defied American price inflation or the rate of price inflation in Bermuda reported by our government does not reflect the true rate of price inflation in Bermuda.
If one adds together the average reported American rate of price inflation in the first quarter of this year (3.2666%) and the average reported Bermuda rate of price inflation in the first quarter of this year (2.2%) we get a rate of price inflation of about 5.5%, which more closely reflects what you are saying than what our Government is saying.
JOE BLOGS.
You have every right to you opinions. We all are !
I am thinking that you I and friends are respondents to all that maters be it good or bad which effects Bermudiana.
Bermuda has to live with the reputation from the past 60 years or more as being deamed too be too expensive.
We are importers !
Would you care to debate that ?
1) Our Visitor are going else where or staying home !
2) ………………
Formal statistics are one thing, never the less I prefer to accept what i see and hear as reality from people hurting on the street .
Here below is a briefly list of merchandise provided by the fact checkers with price hikes that i have referred to as “water under the bridge “.
Did wage go up ? May be in some sectors.
Seniors on fixed income ? are still no better off.
The price went up locked on and stagnated , consequently our money buys us less, to day!
Many good People out of work resulting from business closures
The cost of our national and including private debt does not help matters.
We all know that the increase in fuel and energy has caused inflation as oil costs have not changed,hopefully it will, our situation results from our merchandisers putting butter on both sides of the bread which contradicts the findings in statistical reports .
No less a done deal !
Our Government can not keep the on going throwing money at situations to solve power problems , like greed , as they do that across the pond !
I ask ,why so many people have left the island ?
We are looking at currency DEVALUATION. Can we not see wood for the trees?
Cost of Electricity >>>. partially taxpayer back funded
Food Prices, stay escalated !
Insurance went up <never to go back down !
Mr. JOE BLOGGS
BINGO !
The last sentence of your above observation hit the nail squarely on the head .
We are taking issue with some business who are loading the dice .
( That is to say placing lead on the opposite side of # 6 side of the dice ,where gravity does the rest)
or
Price loading on top of inflation increases is that which is and what i refer to as a double dipor basically adding insult to injury.
In Cricket we do not ge two hits at the ball .
The publics only recourse is either to complain or fight back with , ” Recession.” !
The silent majority says 2+2 is not 22
A note on prudence to our many Bermudiana friends . 2+2 is not 22.
” Every grain of Bermuda sand is worth million dollars .”
” Give Bermuda your best and she will give it all back more that ten fold”.