News Release: HAMILTON, Bermuda – Today, Minister for the Cabinet Office, Wayne Furbert released the May 2021 Consumer Price Index (CPI) publication from the Department of Statistics.
The Minister explained: “In May 2021 consumers paid 1.4 percent more than they did in May 2020 for the basket of goods and services.”
Minister Furbert added: “The Transport & Foreign Travel sector was the largest contributor to the annual increase in the CPI (+6.4 per cent). The average cost of airfare rose 27.2 percent. The Education, Recreation, Entertainment & Reading sector also impacted on the annual rate of inflation, as price shifts in this sector measured 1.6 percent. The Fuel & Power sector and the Rent sector declined by 0.8 percent and 0.5 percent, respectively.
“Between April 2021 and May 2021, the average cost of goods and services increased 0.3 percent.”
Additional areas of note between April 2021 and May 2021 are as follows:
- The Transport & Foreign Travel sector moved up 3.7 percent over the previous month, reflecting increases in the average cost of airfares (+12.4 percent) and overseas hotel accommodations (+7.1 percent)
- The Household Goods, Services & Supplies sector was up 0.3 percent for the month. On average, consumers paid 37.2 per cent more for air conditioners
- The Rent sector was down 0.7 percent as the average cost of properties not subject to rent control slipped 1.6 percent
- On average food prices dipped 0.1 percent in May. The main items contributing to the decrease were sweet biscuits (9.9 percent), bagged oranges (- 3.5 percent) and cantaloupes (-3.2 percent)