Today, the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, released the April 2022 Consumer Price Index publication from the Department of Statistics. 

The Minister explained, “In April 2022, consumers paid 3.5 per cent more than they did a year ago for the same basket of goods and services; this was the highest recorded level of inflation since August 2012 when the annual inflation rate was 3.1 per cent.”  

Minister Hayward added, “The Transport & Foreign Travel sector continued to be the most significant contributor (+9.0 per cent) to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of overseas hotel accommodations (+69.6 per cent), premium fuels (+9.1 per cent), mixed fuels (+8.6 per cent) and cars (+1.5 per cent).”

“The Food sector increased 5.4 percent year-over-year.The Food sector reported increases in the cost of potatoes (+24.4 per cent), tenderloin steak (+21.7 per cent), pineapples (+17.6 per cent), frozen entrees (+12.8 per cent), bread (+8.3 per cent and baby food (+6.7 per cent). 

The Education Recreation and Reading sector increased 5.0 per cent year-over-year. Within the Education, Recreation, Entertainment & Reading sector, the average cost of the local newspaper climbed 25.0 per cent. The average price of pleasure boats advanced by 20.0 per cent. 

Year-over-year, the Health & Personal Care sector was up 4.3 per cent. The average cost of health insurance premiums (+6.0 per cent), toiletries, cosmetics and perfumes (+3.5 per cent) and prescription medicines (+2.4 per cent) increased. 

On an annual basis, Clothing & Footwear prices rose 1.5 per cent as the average cost of women’s sweaters, jewellery, and men’s shirts rose 16.0 per cent, 7.3 per cent and 5.1 per cent, respectively.”      

“Between March 2022 and April 2022, the average cost of goods and services in the CPI increased 1.2 per cent.”  

Additional areas of note between March and April 2022 are as follows:

Ø  The increase in the fuel adjustment clause (+21.4 per cent) propelled the Fuel & Power sector to jump 9.2 per cent for the month.

Ø  The Health & Personal Care sector rose 2.2 per cent as the average cost of health insurance premiums increased 2.8 per cent.

Ø  The Household Goods, Services & Supplies sector increased by 2.0 per cent in April. On average, price increases were reported for dining room furniture (+29.8 per cent), television service subscriptions (+9.6 per cent) and bedroom furniture (+8.3 per cent).

Ø  The Transport & Foreign Travel sector rose 1.7 per cent for the month. A 9.6 per cent decline in the average cost of private car licensing fees was offset by increases in the price of overseas hotel accommodations (+13.1 per cent) and airfares (+4.5 per cent).  

Ø  The Food sector inched up 0.4 per cent in April.  Increases were reported in the average cost of green peppers (+21.1 per cent), eggs (+12.3 per cent), lettuce (+9.1 per cent), ice cream (+4.4 per cent) and baby food (+2.9 per cent). 

*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation - annual rates are changes from the same month last year, and monthly rates are the changes from the previous month. The April 2022Consumer Price Index is available online atwww.gov.bm/bermuda-business-statistics