The Ministry of Economy and Labour released the August 2023 CPI from the Department of Statistics today.

“In summary, consumers paid 2.4 per cent more in August 2023 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation decreased from the July 2023 annual inflation rate of 2.8 per cent. Some highlights for August 2022 to August 2023 include:

·         The Food sector was the largest contributor to the twelve-month increase in the CPI (+5.6 per cent). 

·         The Rent sector increased 2.1 per cent.

·         The Education, Recreation, Entertainment & Reading sector rose 3.1 per cent.

·         The Health & Personal Care sector increased 2.2 per cent.

·         The Transport & Foreign Travel sector increased 1.7 per cent.

Between July 2023 and August 2023, the average cost of goods and services in the CPI declined 0.2

per cent. Additional areas of note between July and August 2023 were as follows:

·         The Food sector rose 0.7 per cent.

·         The Rent sector remained at an increase of  0.2 per cent.

·         The Tobacco & Liquor sector rose 0.4 per cent.

·         The Education, Recreation, Entertainment & Reading sector inched up 0.1 per cent.

*Note: In summary, the government measures the annual and monthly inflation rates each month. Annual is the change from the same month last year and monthly is the change from month to month. The August 2023 CPI is available online at www.gov.bm/bermuda-business-statistics.