News Release: HAMILTON, Bermuda – On Thursday, the Minister of Economy and Labour, Jason Hayward, released the December 2021 Consumer Price Index (attached) publication from the Department of Statistics.
The Minister explained: “In December 2021, consumers paid 2.7 percent more than they did in December 2020 for the basket of goods and services.”
Minister Hayward added: “The Transport & Foreign Travel sector continued to be the largest contributor (+12.0 percent) to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of premium fuels (+11.5 percent), mixed fuels (+10.8 percent) and cars (+1.1 percent). The Food sector and the Health & Personal Care sector also impacted strongly on the annual rate of inflation, as price increases in these sectors were 3.8 percent and 3.2 percent, respectively.
“Between November 2021 and December 2021, the average cost of goods and services decreased 0.2 percent.”
Additional areas of note between November and December 2021 are as follows:
* The price of premium fuels fell 2.2 per cent. As a result, the Transport & Foreign Travel sector declined 1.4 percent.
* The Tobacco & Liquor sector declined 0.3 percent for the month as the average price of wines dipped 0.9 percent.
* The Health & Personal Care sector fell 0.1 percent in December. Decreases were reported in the average cost of toiletries, cosmetics and perfumes (-0.8 percent) and self-prescribed medicines and household medical supplies (-0.6 percent).
The Minister explained: “The 2021 annual average inflation rate was 1.5 percent, up from the 0.0 percent annual average inflation rate of 2020. The sectors that primarily influenced the increase in the 2021 annual average were Transport & Foreign Travel (+6.4 percent), Health & Personal Care (+2.3 percent), Education, Recreation, Entertainment & Reading (+2.0 percent) and Household Goods, Services & Supplies (+1.7 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 December 2021 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics