Retail Sales Increased 1.8% In May 2024
After adjusting for the retail sales rate of inflation – measured at 3.3% in May – the overall volume of retail sales index increased 1.8% when compared to May 2023, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the May 2024 Retail Sales Index publication. May’s volume of retail sales index increased 1.8 per cent compared to last year. In value terms, retail sales increased to an estimated $115.0 million.
Chart extracted from the report:
“Five of the seven sectors recorded year-over-year volume index increases in May 2024:
- Motor Vehicle Stores’ sales volume increased 6.2 percent.
- Service Stations’ sales volume increased 2.1 per cent.
- The sales volume for Building Material Stores increased 12.8 per cent.
- The sales volume at Apparel Stores increased 2.2 per cent.
- Sales volume increased 3.8 per cent in the All Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods].
“The following sectors had a decrease in sales volume compared to the previous year:
- The sales volume for Food Stores dropped 0.9 per cent.
- The Liquor Stores’ sales volume fell 1.6 per cent.
“Selected overseas declarations decreased 4.3 per cent compared to May 2023.”
The full May 2024 Retail Sales Index publication follows below [PDF here]:
A simplistic view of the above would seem to indicate food and liquor sales dropping = less people, and value overall increasing since 2020 but volume staying fairly static = inflation is greater than being announced, and the gap is widening.
“inflation – measured at 3.3% in May”
For the first time in a long time our reported inflation rate is equal to or in excess of inflation in the U.S. (3.3%), U.K. (2.0%), or Canada (2.9%) for a given period of time (May 2024).
And our Government was doing so well with our economy, keeping reported price inflation in Bermuda below that of the countries from where we obtain 90% of what we import.