Local consumers paid 0.2 percent less in October 2020 than they did for the same basket of goods and services during the same month in 2019.
The latest Consumer Price Index (CPI) figures were released today through the Department of Statistics by the Minister for the Cabinet Office, Wayne Furbert.
The Minister explained: “In October 2020 consumers paid 0.2 per cent less than they did for the CPI basket of goods and services in October 2019. Between September 2020 and October 2020 the average cost of all goods and services increased 0.3 percentage points.”
Minister Furbert added: “The Transport & Foreign Travel sector was the largest contributor to the twelve-month decrease in the CPI (-5.9 per cent). The Rent [SH1] and Fuel & Power sectors also impacted strongly on the annual rate of inflation as price reductions in these sectors were 2.2 per cent and 1.5 per cent, respectively.”
Additional areas of note in the October 2020 CPI are as follows:
• Between September 2020 and October 2020 Rent rose 1.2 percent.
• The average cost of properties not subject to rent control increased 2.6 percent.
• Within the household goods sub-sector, living room and bedroom furniture prices advanced 10.3 per cent and 5.7 percent, respectively.
• The Health & Personal Care sector had no price movement for the month.
• The Tobacco & Liquor sector declined 0.6 percent as the average cost of wines fell 2.1 percent.
• The Clothing & Footwear sector edged up 0.2 percent.
• The Food sector grew 0.1 percent in October.
• Notable price changes were the cost of fresh and frozen spare ribs (+8.6 per cent), roast beef (+6.8 per cent) and imported lettuce (+4.2 per cent).
• The Education, Recreation, Entertainment & Reading sector was up 0.1 percent in October.
*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 October 2020 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.