September Consumer Price Index: Inflation 1.8%
Consumers paid 1.8% more in September 2024 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’ September 2024 Consumer Price Index.
“In summary, consumers paid 1.8 per cent more in September 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 0.5 percentage points from the August 2024 annual inflation rate. Some highlights for September 2023 to September 2024 include:
- The Rent division increased 2.0 per cent.
- The Health & Personal Care division increased 3.3 per cent.
- The Food division increased 3.1 per cent.
- The Education, Recreation, Entertainment & Reading division increased 2.0 per cent.
- The Fuel & Power division rose 7.2 per cent.
“Between August 2024 and September 2024, the average cost of goods and services increased 0.1 per cent. Additional areas of note between August 2024 and September 2024 were as follows:
- The Rent division increased 0.5 per cent.
- The Education, Recreation, Entertainment & Reading division rose 0.6 per cent.
- The Household Goods, Services & Supplies division was unchanged.
- The Fuel & Power division was unchanged.
The full September 2024 Consumer Price Index follows below [PDF here]:
1.8% yet rents were up 2%, food up 3% and power up 7.2%. Amazing maths, and how convenient with an election in the next two weeks.
For those who care, the rate of retail price inflation in the U.K. in September 2024 was 2.7%. The rate of retail price inflation in the U.S. in September 2024 was 2.4%. The rate of retail price inflation in the Canada in September 2024 was 2.7%.
With retail price inflation in Bermuda being only 1.8%, once again the rate of retail price inflation in Bermuda is lower than that of any of our 3 main trading partners, from which we obtain 90% of all goods imported.
Most economists would consider that an impossible thing to do without the government subsidising the cost of importing goods.
Has anyone received payment from the Bermuda Government for importing goods that otherwise have nothing to do with the Bermuda Government?