December 2022 Consumer Price Index showing consumers paid 4.1 per cent more

Consumers paid 4.1 per cent more in December 2022 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI].

The Ministry of Economy and Labour released the December 2022 CPI from the Department of Statistics.

“In summary, during December 2022, consumers paid 4.1 per cent more than they did a year ago for the basket of goods and services included in the CPI. This level of inflation was up from the November 2022 annual inflation rate of 3.8 per cent.

“The Food sector continues to be the largest contributor to the twelve-month increase in the CPI (+10.3 per cent).  The major contributors to the annual increase in the sector were the average cost of lettuce (+59.1 per cent), pasta (+57.3 per cent), eggs (+56.6 per cent) and cooking oil (+51.5 per cent).  The largest year-to-year decreases were frozen spare ribs (-4.9 per cent), boneless pork loin (-2.5 per cent) and coffee (-2.1 per cent).

“In the twelve months to December 2022, the Transport & Foreign Travel sector increased 6.4 per cent.  On average, annual increases were reported in the price of overseas accommodations (+25.9 per cent), airfares (+5.4 per cent), premium fuel (+6.7 per cent) and mixed fuel (+6.3 per cent).

“The Education, Recreation, Entertainment & Reading sector impacted the annual rate of inflation by 4.0 per cent. The average cost of pet care and upkeep (+4.0 per cent) and magazines (+2.2 per cent) increased.

“The annual increase in the Health & Personal care sector was 3.3 per cent.  On average, the price of self-prescribed medicines and household medical supplies rose 7.1 per cent, while prescribed medications were up 0.5 per cent.

“Year-over-year, the Household Goods, Services and Supplies sector was up 4.3 per cent. The average cost of cellular telephone subscriptions (+2.8 per cent) and landline telephone access (+1.8 per cent) were the drivers behind the annual increase.

“Between November and December 2022, the average cost of goods and services in the CPI increased 0.2 per cent.

“Additional areas of note between November and December 2022 were as follows:

Ø  The Food sector was down 0.1 per cent. The average cost of frozen spare ribs (-15.3 per cent), boneless pork loin (-13.0 per cent) and apples (-5.6 per cent) decreased.

Ø  The Transport & Foreign Travel sector increased 1.3 per cent in response to a rise in the average cost of overseas hotel accommodations (+28.6 per cent).  In contrast, the average cost of airfares fell 5.3 per cent.

 

Ø  The Household Goods, Services & Supplies sector rose 0.5 per cent for the month. The average cost of cellular telephone subscriptions (+2.8 per cent) and landline telephone access (+1.8 per cent) increased.

Ø  The Rent sector inched up 0.1 per cent. The increase was attributed to the 0.1 per cent rise in the average rent for controlled properties.”

*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual are changes from the same month last year, and monthly are the changes from month to month. The December 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.

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