Retail Sales Decreased 1.5% In July 2024
After adjusting for the retail sales rate of inflation, measured at 3.4% in July, the overall volume of retail sales index decreased 1.5% when compared to July 2023, according to the recently released Retail Sales Index.
A Government spokesperson said, “Today, the Ministry of Economy and Labour released the July 2024 Retail Sales Index publication. July’s volume of retail sales index decreased 1.5 per cent compared to last year. In value terms, retail sales increased to an estimated $117.4 million.
Chart extracted from the report:
“Four of the seven sectors recorded year-over-year volume index decreases in July 2024:
- The Building Material Stores’ sales volume fell 24.4 per cent.
- The sales volume for Apparel Stores decreased 6.1 per cent.
- Motor Vehicle Stores’ sales volume decreased 5.8 per cent.
“In the All-Other Store Types sector [comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods], there was a 0.9 per cent decrease in sales volume.
“The following sectors had an increase in sales volume compared to the previous year:
- Liquor Stores’ sales volume increased 0.1 per cent.
- The sales volume for Food Stores increased 1.5 per cent.
- Service Stations’ sales volume increased 4.6 per cent.
“Selected overseas declarations increased 26.8 per cent compared to July 2023.
“The public can review the July 2024 Retail Sales Index report at https://www.gov.bm/retail-sales-index-rsi.”
The full June 2024 Retail Sales Index publication follows below [PDF here]:
“the retail sales rate of inflation, measured at 3.4% in July”
What? Why is retail price inflation in Bermuda now higher than in the U.K. (2.2% in July 2024) or the U.S. (2.9% in July 2024) or Canada (2.5% in July 2024)?
Can we go back to the days when retail price inflation in Bermuda was lower than that of the U.K. or the U.S. or Canada?
Does anyone else remember when our Minister of the Economy was effectively telling us that the cost of imported goods decreased when placed on a ship at Port Elizabeth, New Jersey?