July 2021 Consumer Price Index Up 0.5%

Today, the Ministry for the Cabinet Office released the July 2021 Consumer Price Index (CPI) publication from the Department of Statistics.

In summary, during July 2021 consumers paid 2.2% more than they did in July 2020 for the basket of goods and services.

The Transport & Foreign Travel sector continues to be the largest contributor to the twelve-month increase in the CPI (+11.3 %), as the average cost of airfares increased for a fourth consecutive month, rising 33.2%.

Meanwhile, the Health & Personal Care sector and the Education, Recreation, Entertainment & Reading sectors also impacted strongly on the annual rate of inflation, as price shifts in these sectors measured 2.7 % and 2.6 %, respectively.

Between June 2021 and July 2021 the average cost of goods and services rose 0.5 %.

Additional areas of note between June and July 2021 are as follows:

• The Fuel & Power sector rose 2.8 % as the fuel adjustment clause increased 9.0 % in July following the 14.1 % decline in June.

• The Transport & Foreign Travel sector rose 1.5 %. The rise in this sector was attributed to increases in the average cost of airfares (+5.8 %) and premium fuels (+1.7).

• The Clothing & Footwear sector increased 1.1 % in July. Leading the increase were the average price of female’s blouses (+16.0 %) and jewelry (+6.9 %).

• The Rent sector was up 0.2 % as the average cost of properties not subject to rent control and properties under rental control, advanced 0.4 % and 0.1 %, respectively.

• The Food sector edged up 0.1 % for the month. The main items contributing to the rise was the average cost of canned tuna fish (+5.0 %), canned peanuts (+3.7 %) and fresh tenderloin (+3.4 %).

Visit: www.gov.bm/bermuda-business-statistics for a copy of the July 2021 CPI.
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