News Release: Hamilton, Bermuda – Minister for the Cabinet Office Wayne Furbert today released the November 2019 Consumer Price Index publication from the Department of Statistics.
The Minister explained: “In November 2019 consumers paid 0.9 percent more for the CPI basket of goods and services than they did in November 2018. Between October 2019 and November 2019 the average cost of all goods and services did not change.”
The Health & Personal Care sector was the largest contributor to the year-over-year change, increasing 4.1 percent. The average cost of health insurance premiums continues to be the main contributor to the annual increase. In addition, the Food and Tobacco & Liquor sectors contributed to the rise in the annual rate of inflation as price shifts in these sectors were 3.0 percent and 3.9 percent, respectively.
Between October and November the Fuel & Power sector declined 2.7 percent as the fuel adjustment clause contracted 8.3 per cent in November. The Transport & Foreign Travel sector recorded a 0.9 percent increase. Higher prices for overseas car rentals and air fares were the driving force behind the gain, with increases of 18.5 per cent and 6.9 percent, respectively.
Food prices rose 0.5 percent for the month. Among the main items contributing to the increase were grapes (+7.5 percent), onions (+7.0 percent) and cookies (+6.3 percent). The Tobacco & Liquor sector slipped 0.7 percent as decreases were reported in the average price of wines (-1.6 percent) and spirits (-1.3 percent) while the Rent sector fell 0.2 percent. The decrease reflected a 0.6 percent drop in the average rent of non-controlled properties. In comparison, rental units subject to rent control were up 0.1 percent for the month.
The November 2019 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.