News Release: HAMILTON, Bermuda – Today, the Minister of Economy and Labour, Jason Hayward, released the April 2022 Consumer Price Index (attached) publication from the Department of Statistics.
The Minister explained: “In April 2022, consumers paid 3.5 percent more than they did a year ago for the same basket of goods and services; this was the highest recorded level of inflation since August 2012 when the annual inflation rate was 3.1 percent.”
Minister Hayward added: “The Transport & Foreign Travel sector continued to be the most significant contributor (+9.0 percent) to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of overseas hotel accommodations (+69.6 percent), premium fuels (+9.1 percent), mixed fuels (+8.6 percent) and cars (+1.5 percent).”
“The Food sector increased 5.4 percent year-over-year.The Food sector reported increases in the cost of potatoes (+24.4 percent), tenderloin steak (+21.7 percent), pineapples (+17.6 percent), frozen entrees (+12.8 percent), bread (+8.3 percent and baby food (+6.7 percent).
The Education Recreation and Reading sector increased 5.0 percent year-over-year. Within the Education, Recreation, Entertainment & Reading sector, the average cost of the local newspaper climbed 25.0 percent. The average price of pleasure boats advanced by 20.0 percent.
Year-over-year, the Health & Personal Care sector was up 4.3 percent. The average cost of health insurance premiums (+6.0 percent), toiletries, cosmetics and perfumes (+3.5 percent) and prescription medicines (+2.4 percent) increased.
On an annual basis, Clothing & Footwear prices rose 1.5 percent as the average cost of women’s sweaters, jewellery, and men’s shirts rose 16.0 percent, 7.3 percent and 5.1 pe cent, respectively.”
“Between March 2022 and April 2022, the average cost of goods and services in the CPI increased 1.2 percent.”
Additional areas of note between March and April 2022 are as follows:
* The increase in the fuel adjustment clause (+21.4 percent) propelled the Fuel & Power sector to jump 9.2 percent for the month.
* The Health & Personal Care sector rose 2.2 percent as the average cost of health insurance premiums increased 2.8 percent.
* The Household Goods, Services & Supplies sector increased by 2.0 percent in April. On average, price increases were reported for dining room furniture (+29.8 per cent), television service subscriptions (+9.6 percent) and bedroom furniture (+8.3 percent).
* The Transport & Foreign Travel sector rose 1.7 percent for the month. A 9.6 percent decline in the average cost of private car licensing fees was offset by increases in the price of overseas hotel accommodations (+13.1 percent) and airfares (+4.5 percent).
* The Food sector inched up 0.4 percent in April. Increases were reported in the average cost of green peppers (+21.1 percent), eggs (+12.3 percent), lettuce (+9.1 per cent), ice cream (+4.4 percent) and baby food (+2.9 percent).
*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – annual rates are changes from the same month last year, and monthly rates are the changes from the previous month. The April 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics