News Release: HAMILTON, Bermuda – Today, the Minister of Economy and Labour, Jason Hayward, released the May 2022 Consumer Price Index publication from the Department of Statistics.
The Minister explained: “In May 2022, consumers paid 3.7 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 December 2007 when the annual inflation rate was 3.6 percent.”
Minister Hayward added: “The Transport & Foreign Travel sector continued to be the most significant contributor (+8.4 percent) to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of overseas hotel accommodations (+51.0 percent), airfares (+12.0 percent), premium fuels (+7.5 percent), and mixed fuels (+7.1 percent).
“Food sector prices climbed 6.4 percent annually. Notable increases were reported in the cost of tenderloin (+18.4 percent), frozen entrees (+11.4 percent), fruit juices (+10.8 percent) and baby food (+9.4 percent).”
“The Education, Recreation, Entertainment & Reading sectors strongly impacted the annual inflation rate (+5.3 percent). 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 (+3.6 percent), prescription medicines (+2.4 percent) and self-prescribed medicines and household medical supplies (+1.4 percent) increased.
“The Household Goods, Services & Supplies sector rose 2.9 percent over the last twelve months. Dining room and bedroom furniture prices increased 44.7 percent and 11.1 percent, respectively.
“Between April 2022 and May 2022, the average cost of goods and services in the CPI rose 0.5 percent.”
Additional areas of note between April 2022 and May 2022 were as follows:
* The Transport & Foreign Travel sector increased 3.2 percent over the previous month, reflecting a price increase in the average cost of airfares (+17.6 percent). In contrast, the average cost of overseas car rentals and hotel accommodations slid by 7.1 percent and 4.6 percent, respectively.
* The Food sector moved up 0.8 percent in May. Increases were reported in the average cost of cantaloupes (+20.7 percent), fruit juices (+6.2 percent), dry breakfast cereals (+4.0 percent) and soft drinks (+1.6 percent).
* The Education, Recreation, Entertainment & Reading sector advanced 0.3 percent for the month. Price increases were reported in the average cost of televisions (+17.1 percent), sporting fees (+4.7 percent), toys and games (+2.8 percent) and club membership subscriptions (+2.6 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 May 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics