CPI: Consumers Paid 2.8% More Than They Did In November 2020 For Same Basket Of Goods

News Release: HAMILTON, Bermuda – Today (Mar 1), the Minister of Economy and Labour, Jason Hayward, released the November 2021 Consumer Price Index (attached) publication from the Department of Statistics.

The Minister explained: “In November 2021, Consumers paid 2.8 percent more than they did in November 2020 for the basket of goods and services.”

Minister Hayward added: “The Transport & Foreign Travel sector continued to be the largest contributor to the twelve-month increase in the CPI (+11.2 percent).  On average, annual increases were reported in the cost of new cars (+2.6 percent), overseas hotel accommodations (+37.8 percent), premium fuel (+15.8 per cent) and airfares (+15.6 percent). The Food sector and the Health & Personal Care sector also impacted strongly on the annual rate of inflation, as price shifts in these sectors were 3.4 percent and 3.3 percent, respectively.”

“Between October 2021 and November 2021 the average cost of goods and services increased 0.5 percent.”

Additional areas of note between October and November 2021 are as follows:

*  Within the Food sector, prices rose 1.7 percent for the month. The main items contributing to the increase were cantaloupes (+6.3 percent) and salmon and cod fish (+3.4 percent).  In addition, the average cost of prepared meals purchased from grocery stores advanced 3.7 percent.

*  The Tobacco & Liquor sector advanced 2.3 percent  reflecting increases in the average price of wines (+3.8 percent), spirits (+2.5 percent) and cigarettes (+1.4 percent).

*  The Health & Personal Care sector jumped 1.5 percent in November as the cost of the Health Insurance Plan (HIP) and Future Care rose 7.0 percent and 6.0 percent, respectively.

*  The Transport & Foreign Travel sector declined 1.1 percent. The decrease was attributed to the average cost of overseas car rentals (-10.2 percent), airfares (-2.9 percent) and premium fuels (-1.2 percent).

*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual are changes from same month last year, and monthly are the changes from month to month. The November 2021 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics