August Consumer Price Index: Inflation 2.3%
Consumers paid 2.3% more in August 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’ August 2024 Consumer Price Index.
“In summary, consumers paid 2.3 per cent more in August 2024 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation increased 0.4 percentage points from the July 2024 annual inflation rate. Some highlights for August 2023 to August 2024 include:
- The Health & Personal Care division increased 3.3 per cent.
- The Rent division increased 1.9 per cent.
- The Food division increased 3.5 per cent.
- The Education, Recreation, Entertainment & Reading division increased 2.5 per cent.
- The Fuel & Power division rose 7.2 per cent.
“Between July 2024 and August 2024, the average cost of goods and services increased 0.2 per cent. Additional areas of note between July 2024 and August 2024 were as follows:
- The Transport & Foreign Travel division increased 1.4 per cent.
- The Fuel & Power division rose 2.7 per cent.
- The Education, Recreation, Entertainment & Reading division increased 0.1 per cent.
- The Tobacco & Liquor division increased 0.5 per cent.”
The full August 2024 Consumer Price Index follows below [PDF here]:
These days there are two types of news bad news on top of more bad news.
After reading only a portion of the above it is plain to see they are reflecting small increases in the cost of goods and services .
Many will say i can not live with that.
We are not suppised to notice that the cost the of living is now incresing at a slower rate .
The key word here is” Increasing”.
Some body is trying to ” Pulling the wool over your eyes. ”
It hurts me to say it again an again, who does it hurt ? ” THE WORKING MAN
How can so many be hood winked, when as we the public find them selves fighting the constantly incremental increasie in pricing.
Initially when the first round of inflation started ,we were look a massive hikes in prices by many companies .
it was ther for the taking
Plumeres electrician carpenters gardenrers rates went $100
For the many people who did not get an increse in inclome they were looking at 20 % slap in the face.
Have you ever met a ruthless business man ?
The first 10 % was a price escalation , followed by a further 10 % in the loss of the buyers purchasing power , reason being people did not,or were not entitle to any increase in their income in compensation.
WARNING Inflation will go on and on unless we do ” ————————–” about it.
Here is where many pensioners lost out .
THE LATEST
The percentage increase numbers have been made to “LOOK BETTER ” over a longer time .
INFLATION IS HERE TO STAY.
What If look better is just that.
Every month the price increases go up in small increments .
Note ! At the end of the year you are back paying the full 10 %
That just take them a little longer which become the store keeper ” New golden rule.”
In other words the public just got dupped again in broad dailight .!
“Consumers paid 2.3% more in August than they did a year ago”
Once again, Bermuda has defied generally accepted economic theory.
Retail price inflation in the U.K. was 3.5% in August 2024 (according to the Office for National Statistics). Retail price inflation in the U.S. was 2.5% in August 2024 (according to the Bureau of Labor Statistics).
And yet retail price inflation in Bermuda is lower than either of those countries in August 2024.
Can someone please explain to me how that is possible that our inflation rate is lower than that of the countries from which we import our goods?
Mr. Joe Bloggs
You are entitled to beleive what you want or are you preprepared to refer to that from what ever source you get you information from and accept and buy into it .
You would do well if you go shoping with on $100. dollar bill and see for yourself what that buys you.
Ley me give you just one glaring example of continued ongoing price hikes from the food store .
We shop every two weeks.
the more you visit the food store the temptation is there to buy worse if you are hungry.
By the way I feed the hungry birds every day no bid around here goes to sleep hungry.
What we don’t need thise week it is Vanilla Icecream with chocolate chips galore .
A LIFE LIVED IN FEAR IS A LIFE HALF LIVED .
by the way there is another item which you will eventually in time discover what it is.
You just need got to go our there for a dose of reality. could it be uncontrolable labor charges.
how can you play the percentage game over a 90 day period when so much water goe under the bridge.
Can we nor agree on some thing let us try these 4 +1 .
5). The prices go up but they never go down.
4). Salaries very rarely go up . for pensioners never .
3). Cheeper for the business to let a staff member go than pay the more more for the same job and work load .
2). Business refer to dismisal as re organizing .” last in first to go “.
1). I just asked my wife for your benefit what item did you find to day and in the past that when you shop has increase in price ever time you visit the shop who would have thought it would be COFFEE
Works this way
if the store keeper put a big price hike on one item he does no have to put a hit on some of the others .
PEOPLE ARE DISPENSABLE .
It is all about marketing .
PAC MAN, I do not dispute your experience with price inflation. Your experience is what I would call anecdotal evidence.
My comments are meant to contrast official statistics by jurisdiction generally, not the experience of one person in Bermuda compared with one person in Rhode Island or one person in Yorkshire.
In this case my comment was intended to show that the statistics released by our Government cannot possibly be correct, at least not in the way they are presented. Bermuda may be another world, but as we import almost all goods, we cannot defy fundamental principles of economics.
JOE BLOGGS
LIFE IS A STORY BOOK.
You are absolutely correct my experiance is 100 % abnecdotal, why should I look for a higher profile which i am sure and well aware over half the population of Bermuda will agree with me ,as you flatter your self by waving percentage numerical statistics whic only confuses vitally every one including the man who just lost is job .
Do you honestly think the jobless or the man in street cared about numbers .
in my last job , i became well aware of the hurt out there, i have see their tears no body can not expect me to be less sympathitic .
I literally mean the man caught out in the steet. some sleep on the side walk.
Many are their not of their choosing as our home less population.
By the way i am not here to sport with your feeling by calling you out on this countries short comings and issues .
I see you as just as frustrated as i am and others looking for a workable and permanent solution before we hit rock bottom.
Statistical organisations are told what to publish, as there is always a below the bottom line is that where we are headed to me it is” up or down” as i have said before .
I do not blame the powers that be for want to paint a statistical glossy picture .
You are wasting your time bashing me for my methods.
life’s not about the opinions of one person.
A computer as you may know is a” yes or no” gadget mine has its problems
Statistic are just that , they are only numbers and mean nothing only too statisticians being an average over time .
My way of look at the problem by living on a fixed income which is getting a bit thin these days, is the cost of living goes either up or down and mostly up thatches got to stop., as being unproductive .
We all have to live as best we can I also see the charaties are doing the best they can to hold up the family what does that tell you .
If you sir do not think my solution of price control is not a good idea.
by the way the time before the inflation of 08 the banks were subject to controled interest rates .
Will you and others to elaborate on YOUR / THEIR SOLUTIONS in order to rid us from our terrible economic scourge .
We do no have time left to ride the Billy Goat .
MONEY MONEY MONEY
As you question my theory of voluntary price control my reasons which directly affect” visitor stay awhile “tourist business.
Got to get to get them here by creating insentives .
Our potential visitor are presenty living in a state of recession and misery where they and we are had enough .
BERMUDA HAS TO BE THEANSWER.
A vacation of a livetime for our visitors will only solve half of the problem as their problem become our problem
if hotels do not reduce their room rate I guarantee there will be many empty rooms tha you know will trickle down
We have no choice either voluntary price control or go hungry .
We have to find the cherry for the top of the ice cream to entice our visitors to come here, as high price is not the way to go as an incentive or draw card
We have to offer the best vacation on the planet.
Plan. “A” With voluntary price control or by lowering our prices on virtually every thing. things may happen
PLAn “B”. Hold the price and offer a voluntary discount every day.
There is one store in the city i stay away from. Can you guess why .
We have to” give to get”.
We have to learn and practice the art of marketing.
Price control or bargain galore is not an ideal definition.
Reasonable pricing is does not have to be for ever for that to work. but does include and need everybody to participate .
many will say the boss get all the money the answer to the come and meet my union .
If had belonged to a union while working at the bank the *** tards would not have been able to rub dirt in my face .
Every body means including Govermment has to participate by cutting costs which included import duty for our for a our vacationer .
We have to spoil our visitors where it may hurt us a little but not the visitor.
You will be helping your selves.
Bermuda has to be the only place to spend holiday time.
Mr . Joe Blooggs.
I have and live by my principals.
I am one of those people who will never give up.
If i fall down i will always get back up.
Determination, is one of mans best qualities.
i am good at any thing i do .
You can learn alot in the army, it is called survival.
I am one of those people who will try any thing with in reason first .
There is always room for improvement so what if you have to shead a tear.
Bermuda will always bounce back we have no roon for quitting.
Never try to reinvent the wheel .
We have to live with in our own limitations.
Never be afraid to ask for help . you wil get a yes ! or a no ! or go with out !
Do what you are good at so you will alway have a job.
Falure for me is not an option in other words how will I or you know that things do not work or will no work if you do not try them first.
This is not the first Inflation / Recession we have had and it will not be the last , that is so long as there are greedy people out there .
Our Government want “FAIR” can’t ask for more than that .
For crying out loud we should DO SOMETHING for the future of our children.
RECESSION
It would apear that many here are practicing the art of stage one RESSESSION that is parcially working all but slowly for some people but not all.
However, we have no winners in this game of chance we the buying public are stuck on stage one.
Time has come to move the stage two Recession this is going to take alot of financial and restraint.
Which I expect you all to hate me for.
You are going to do alot more wth you own hands.
You are also going help your neighbor like you do after a Hurricane ..
Yesterday told my neighbor a widow .You call me I you need me do not think twice.
STAGE TWO RECESSION
Take 10 % of your monthly income an invest it in a safe saving account it is your sinking fund.
I guarantee in time to come you will be glad you took that step.
You are now going to try to live off the rest, food and a portion of rent first you are also going to make cutbacks on all that you do not need.
Your day will be from Sunrise to Sun sen to save on electricity.
If you have to go to the Government for help do not go alone , take a friend.
You are going to learn go to live by going with out, As I am asking 20,000 others to do, that is by taking away part of but not all the retailers profits.
The last you want heart is your neighbor or family member going bust or being out of a job you also do not want business to go bust either.
I have lived through all of World War Two, then shoes were rationed including butter and sugar , Mother made my clothes.
To live in fear and terror. My Manchester wife .
” Mummy ,will the bombs go off to night “.
” NO ! now go back to sleep”.
Later a bomb went off the blast took the furniture across the room .