Bermuda’s 10% inflation rate is gouging the pockets of most Bermudians says Cole Simons OBA

The Government’s stated 2.75 % inflation rate in Bermuda does not add up.

The reality is that Bermuda’s 10% inflation rate is gouging the pockets of most Bermudians, leaving gaping holes that show no sign of repair. Some people are cutting back on essentials just to make ends meet, while others are cutting back on sheer principle to send a message that they refuse to pay the rising price of food and consumer goods. Enough is enough.

I recently met with a group of young professionals who are just starting out in life with their young families. They are very pessimistic about their future in Bermuda. They see a recession on our doorstep and are seriously thinking about moving overseas. They believe they will never be able to own a house on their own island.  They cannot afford the cost of preschool, childcare, not to mention the rising healthcare costs. They are stressed because they cannot afford to save for their future. The story is similar for retirees. The cost of healthcare, monthly maintenance for their homes, food – these costs are all quickly becoming out of reach. Wherever I go, I hear people openly complaining about the hyper inflationary cost of these essential items. In fact, people are quietly leaving the Island in droves!


Unfortunately, the situation has created a sense of hopelessness for many people in our community. They believe that the government is not doing enough to either support or empower them economically.

Premier David Burt and his Cabinet must do more to empower Bermudians so that they can feel encouraged and confident about living in Bermuda -not overseas.

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