News Release: HAMILTON, Bermuda – The Minister of Economy and Labour, Jason Hayward, released the June 2022 Consumer Price Index publication from the Department of Statistics.

The Minister explained: “In June 2022, Consumers paid 4.7 percent more in June 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI).

“In summary, during June 2022 consumers paid 4.7 percent more than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI).

Minister Hayward added: “The Transport & Foreign Travel sector continued to be the largest contributor to the twelve-month increase in the CPI (+9.0 percent).  On average, annual increases were reported in the price of overseas hotel stays (+50.5 percent), airfares (+15.6 percent), and car rentals and entrance fees to overseas theme parks (+5.4 percent).

“Food sector prices rose 8.0 percent annually. On average, increases were reported in the cost of tenderloins (+18.9 percent), frozen entrees (+18.4 percent), tomatoes and broccoli (+9.3 percent), and food purchased in restaurants (+6.3 percent). The Education, Recreation, Entertainment & Reading sector also impacted strongly on the annual rate of inflation (+4.6 percent). The average cost of sport equipment climbed 3.2 percent. The average cost of magazines advanced 2.2 percent.  Year-over-year, the Health & Personal Care sector was up 4.5 percent. The average cost of health insurance premiums (+6.4 percent), toiletries, cosmetics and perfumes (+3.5 percent), self-prescribed medicines and household medical supplies (+3.1 percent), and prescription medicines (+2.4 percent) increased.

“Between May 2022 and June 2022, the average cost of goods and services in the CPI rose 0.6 percent.

“The Transport & Foreign Travel sector rose 1.5 percent in June. Travelers saw higher prices in the average cost of car rentals and overseas theme park entrance fees (+26.9 per cent), overseas hotels (+6.4 percent), and airfares (+1.5 percent).

“The Food sector edged up 2.0 percent for the month. Increases were reported in the average cost of pineapples (+21.2 percent), potatoes (+11.4 percent), frozen entrees (+5.4 percent), and food purchased in restaurants (+3.0 percent).

“The Education, Recreation, Entertainment & Reading sector advanced 0.2 percent for the month. Price increases were reported in the average cost of magazines (+2.2 percent), club membership subscriptions (+1.7 percent), and sporting equipment (+1.1 percent).

“The Health & Personal Care sector increased 1.0 percent for the month. The average cost of self-prescribed medication & household medical supplies rose 1.7 percent and health insurance premiums were up 1.3 percent.

“The Household Goods, Services & Supplies sector inched up 0.1 percent as the average cost of elderly care climbed 3.3 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 June 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics