News Release: HAMILTON, Bermuda – Today, Minister for the Cabinet Office Wayne Furbert released the February 2021 Consumer Price Index (CPI) report.
In February 2021 consumers paid 0.2 percent more than they did in February 2020 for the basket of goods and services.
Minister Furbert said, “The health and personal care sector was the largest contributor to the twelve-month increase in the CPI. On average, the cost of health and personal care items increased 2.1 percent year-over-year. This rise was attributed to higher health insurance premiums (+2.8 %). The food and education, recreation, entertainment and reading sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors measured 2.0 % and 1.7 percent, respectively. Between January 2021 and February 2021 the average cost of goods and services increased 0.3 percentage points.”
Additional areas of note between January 2021 and February 2021 are as follows:
• On average, food prices advanced 0.3 % in February. Among the main items contributing to the increase were potato chips (+7.2 %), cantaloupes (+6.7 %), and green peppers (+3.5 %).
• The transport and foreign travel sector climbed 2.2 % due to increased airfares (+7.4 %) and overseas hotels (+6.8 %).
• The education, recreation, entertainment and reading sector increased 0.2 %. The average cost of pleasure boats rose 1.8 %.
• The tobacco and liquor sector dropped 0.8 %. On average, consumers paid 2.5 % less for wines.
Lastly, each of us has a role to play in stopping the spread of the coronavirus. Follow Public Health guidelines, wear a mask, practice good hand hygiene, maintain physical distance and download the WeHealth Bermuda app. Do the research, talk with your doctor and make an informed decision about getting the COVID-19 vaccine.
*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 February 2021 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.
- Top Feature Photo: Money Crashers