News Release: HAMILTON, Bermuda – Consumers paid 3.8 percent more in October 2022 than they did 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 October 2022 CPI from the Department of Statistics.
In summary, during October 2022, consumers paid 3.8 percent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation decreased 1.3 percentage points from the September 2022 annual inflation rate of 5.1 percent.
The Food sector continued 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 cooking oil (+53.1 percent), pasta (+52.4 percent), eggs (+37.3 percent) and bananas (+23.9 percent).
The Health & Personal care sector influenced the year-over-year increase at 4.8 percent. On average, annual increases were reported in the price of self-prescribed medicines and household medical supplies (+6.7 percent) and toiletries, cosmetics and perfumes (+4.1 percent).
In the twelve months to October 2022, the Fuel & Power sector increased 5.1 percent. Compared to October 2021, the fuel adjustment cost for 700 residential kilowatts hours of electricity increased 1.6 percent.
The Education, Recreation, Entertainment & Reading sector impacted the annual rate of inflation by 4.4 percent. The average cost of pet supplies and upkeep rose 3.2 percent. On average, the entrance cost for movie theatres and shows rose 6.2 percent.
Year-over-year, the Household Goods, Services and Supplies sector was up 3.7 percent. The average cost of dining room furniture (+36.1 percent), living room furniture (+16.6 percent) and bedroom furniture (+16.0 percent).
Between September 2022 and October 2022, the average cost of goods and services in the CPI decreased 0.7 percent.
Additional areas of note between September 2022 and October 2022 were as follows:
- The Clothing & Footwear sector rose 1.6 percent for the month. On average, price increases were reported for men’s pants (+7.9 percent), women’s dress suits (+3.6 percent), men’s underwear (+2.6 percent) and women’s underwear (+1.3 percent)
- The Household Goods, Services & Supplies sector rose 0.5 percent. Price increases were reported in the average cost of living room furniture (+7.8 percent), bedroom furniture (+7.1 percent) and dining room furniture (+4.9 percent)
- In response to the 16.1 percent decrease in the fuel adjustment rate, the Fuel & Power sector slid 4.1 percent in October
- The Transport & Foreign Travel sector was down 4.6 percent. The decline was attributed to the decrease in the average cost of airfares (-17.0 percent) and overseas hotel accommodations (-9.5 percent). In contrast, the average cost of new motorcycles and cars increased (+2.6 percent) and (+0.9 percent), respectively
- On average, food prices dropped 0.1 per cent due to monthly food specials. Items contributing to the decrease were onions (-29.9 percent) and green peppers (-24.7 percent). In contrast, the average cost of vegetable shortening (+18.7 percent) and cooking oil (+10.6 percent) increased
*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 October 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.