News Release: HAMILTON, Bermuda – Today, the Ministry of Economy and Labour released the October 2023 Consumer Price Index (CPI) from the Department of Statistics.

“In summary, consumers paid 3.9 per cent more in October 2023 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation rose 1.5 percentage points from the September 2023 annual inflation rate. The Government notes that while inflation was trending downward in 2023, this increase in October largely attributed to the FAR adjustment, demonstrates the need for continued measures outlined in the 2024 Budget to tackle the cost of living.

Some highlights for October 2022 to October 2023 include:

  • The Transport & Foreign Travel sector increased 9.1 percent.
  • The Food sector increased 4.9 percent. 
  • The Education, Recreation, Entertainment & Reading sector rose 3.7 percent.
  • The Rent sector grew 2.3 percent.
  • The Fuel & Power sector increased 9.4 percent in response to the 45.3 percent increase in the fuel adjustment rate.

Between September 2023 and October 2023, the average cost of goods and services in the CPI increased 0.8 percent. Additional areas of note between September and October 2023 were as follows:

  • The Fuel & Power sector increased 10.0 percent because of the 48.5 percent increase in the fuel adjustment rate.
  • The Transport & Foreign Travel sector grew 1.9 percent.
  • The Education, Recreation, Entertainment & Reading sector rose 0.5 percent.
  • The Food sector rose 0.4 percent.

*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual changes are from the same month last year, and monthly changes are from month to month. The October 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.