May 2021 Consumer Price Index

 May 2021 Consumer Price Index

The, Minister for the Cabinet Office, the Hon. Wayne L. Furbert, JP, MP, released the May 2021 Consumer Price Index (CPI) publication from the Department of Statistics.

The Minister explained, “In May 2021 consumers paid 1.4 per cent more than they did in May 2020 for the basket of goods and services.”

Minister Furbert added, “The Transport & Foreign Travel sector was the largest contributor to the annual increase in the CPI (+6.4 per cent). The average cost of airfare rose 27.2 per cent.

The Education, Recreation, Entertainment & Reading sector also impacted on the annual rate of inflation, as price shifts in this sector measured 1.6 per cent. The Fuel & Power sector and the Rent sector declined by 0.8 per cent and 0.5 per cent, respectively.

“Between April 2021 and May 2021, the average cost of goods and services increased 0.3 per cent.”

Additional areas of note between April 2021 and May 2021 are as follows:

·         The Transport & Foreign Travel sector moved up 3.7 per cent over the previous month, reflecting increases in the average cost of airfares (+12.4 per cent) and overseas hotel accommodations (+7.1 per cent).

·         The Household Goods, Services & Supplies sector was up 0.3 per cent for the month. On average, consumers paid 37.2 per cent more for air conditioners.

·         The Rent sector was down 0.7 per cent as the average cost of properties not subject to rent control slipped 1.6 per cent.

·            On average food prices dipped 0.1 percent in May. The main items contributing to the decrease were sweet biscuits (-9.9 per cent), bagged oranges (- 3.5 per cent) and cantaloupes (-3.2 per cent).

Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual are changes from same month last year, and monthly are the changes from month to month.

The May 2021 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics
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