News Release: HAMILTON, Bermuda – Consumers paid 4.1 percent more in December 2022 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
The Ministry of Economy and Labour released the December 2022 CPI from the Department of Statistics.
“In summary, during December 2022, consumers paid 4.1 percent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation was up from the November 2022 annual inflation rate of 3.8 percent.
“The Food sector continues to be the largest contributor to the twelve-month increase in the CPI (+10.3 percent). The major contributors to the annual increase in the sector were the average cost of lettuce (+59.1 per cent), pasta (+57.3 percent), eggs (+56.6 percent) and cooking oil (+51.5 percent). The largest year-to-year decreases were frozen spare ribs (-4.9 percent), boneless pork loin (-2.5 percent) and coffee (-2.1 percent).
“In the twelve months to December 2022, the Transport & Foreign Travel sector increased 6.4 percent. On average, annual increases were reported in the price of overseas accommodations (+25.9 percent), airfares (+5.4 percent), premium fuel (+6.7 percent) and mixed fuel (+6.3 percent).
“The Education, Recreation, Entertainment & Reading sector impacted the annual rate of inflation by 4.0 percent. The average cost of pet care and upkeep (+4.0 percent) and magazines (+2.2 percent) increased.
“The annual increase in the Health & Personal care sector was 3.3 percent. On average, the price of self-prescribed medicines and household medical supplies rose 7.1 percent, while prescribed medications were up 0.5 percent.
“Year-over-year, the Household Goods, Services and Supplies sector was up 4.3 percent. The average cost of cellular telephone subscriptions (+2.8 percent) and landline telephone access (+1.8 percent) were the drivers behind the annual increase.
“Between November and December 2022, the average cost of goods and services in the CPI increased 0.2 percent.
“Additional areas of note between November and December 2022 were as follows:
* The Food sector was down 0.1 percent. The average cost of frozen spare ribs (-15.3 percent), boneless pork loin (-13.0 percent) and apples (-5.6 percent) decreased.
* The Transport & Foreign Travel sector increased 1.3 percent in response to a rise in the average cost of overseas hotel accommodations (+28.6 percent). In contrast, the average cost of airfares fell 5.3 percent.
* The Household Goods, Services & Supplies sector rose 0.5 percent for the month. The average cost of cellular telephone subscriptions (+2.8 percent) and landline telephone access (+1.8 percent) increased.
* The Rent sector inched up 0.1 percent. The increase was attributed to the 0.1 percent rise in the average rent for controlled properties.”
*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual are changes from the same month last year, and monthly are the changes from month to month. The December 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.