The Ministry of Economy and Labour released the January 2022 Consumer Price Index from the Department of Statistics.
Consumers paid 2.5 per cent more in January 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
In summary, during January 2022, consumers paid 2.5 per cent more than they did in January 2021 for the basket of goods and services.
The Food sector and the Health & Personal Care sector continue to have a substantial impact on the annual rate of inflation, as price shifts in these sectors were 4.7 per cent and 3.3 per cent, respectively. Goods in the Food sector such as frozen spare ribs (+28.1 per cent), corn on the cob (+13.7 per cent), and rice (+9.0 per cent) reported notable annual average increases. Within the Health & Personal Care sector, the cost of health insurance (+4.7 per cent) and prescription medicines (+2.3 per cent) increased.
The Education, Recreation, Entertainment & Reading sector climbed 3.0 per cent annually in response to the rising cost of boat repairs (+9.7 per cent) and televisions (+8.8 per cent). On an annual basis, Clothing & Footwear prices rose 0.7 per cent as the cost of jewellery climbed 7.4 per cent. The Rent sector (-0.6 per cent) and the Fuel & Power sector (-5.7 per cent) registered offsetting declines as the average cost of properties not subject to rent control declined by 2.0 per cent. In comparison, the monthly tariff for 700 residential kilowatts hours of electricity fell 34.4 per cent compared to the corresponding month last year.
Between December 2021 and January 2022, the average cost of goods and services was unchanged.
Additional areas of note between December 2021 and January 2022 are as follows:
· In response to a 6.3 per cent decrease in the fuel adjustment rate, the Fuel & Power sector fell 2.0 per cent.
· The Tobacco & Liquor sector slid 0.1 per cent for the month. The average price of beer and wine declined 0.3 per cent and 0.1 per cent, respectively.
· Overseas airfares fell 6.3 per cent in January. As a result, the Transport & Foreign Travel sector declined 0.8 per cent for the month. In contrast, the average cost of premium fuels and mixed fuels rose 1.7 per cent and 1.6 per cent, respectively.
· The Food sector increased by 0.8 per cent in January. Contributing to the increase was the average price of bread (+8.0 per cent), onions (+6.5 per cent) and raisins (+4.7 per cent).
· The Clothing & Footwear sector dipped 0.1 per cent due to the decline in the average cost of women’s shirts (-0.7 per cent) and jewellery (-0.2 per cent).
*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 are the changes from month to month. The January 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics