News Release: HAMILTON, Bermuda – Consumers paid 4.5 per cent more in January 2023 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 January 2023 CPI from the Department of Statistics.
“In summary, during January 2023, consumers paid 4.5 percent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation was up from the December 2022 annual inflation rate of 4.1 percent.
“In the twelve months to January 2023, the Transport & Foreign Travel sector increased 10.1 percent. On average, the greatest annual increases were reported in the price of overseas accommodations (+50.4 percent) and airfares (+19.4 percent).
“Year-over-year, the Food sector rose 10.1 percent. The major contributors to the annual increase in the sector were the average cost of fruit juices (+34.5 percent), ice cream (+24.7 percent) and frozen entrees (+15.4 percent). The largest year-to-year decreases were prunes (-12.7 percent) and raisins (-10.1 percent).
“The Education, Recreation, Entertainment & Reading sector rose by 3.9 percent. The average cost of pet care (+3.3 percent) increased.
“The annual increase in the Clothing & Footwear sector was 4.4 percent. On average, the cost of infant clothing (+24.3 percent), watches (+18.6 percent), men’s shoes (+10.7 percent), and men’s underwear (+8.3 percent) rose.
“The annual increase in the Health & Personal Care sector was 3.3 percent. On average, the price of self-prescribed medicines and household medical supplies rose 6.9 percent, while toiletries, cosmetics and perfumes advanced 4.6 per cent.
“Between December and January 2023, the average cost of goods and services in the CPI increased 0.4 percent.
“Additional areas of note between December 2022 and January 2023 were as follows:
* On average, prices within the Food sector rose 0.6 percent for the month. Consumers saw increases in the price of oranges (+12.5 percent), eggs (+10.1 per cent), red grapes (+6.6 percent) and ice cream (+3.7 percent).
* The Transport & Foreign Travel sector advanced 2.7 percent in January 2023. Increases were reported in the average cost of overseas hotel accommodations (+20.1 percent), car repair and maintenance (+6.8 per cent) and airfares (+6.2 per cent). In contrast, the average cost of premium fuel dipped 2.2 percent.
* The Fuel & Power sector declined 3.9 percent due to a 15.2 percent decrease in the fuel adjustment clause.
Computational errors were found in the annual average inflation rate percent change section of the Consumer Price Index (CPI) publications for 2018 to 2022. Corrections have been made and noted by an r (revision).
*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 January 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.
