The Ministry of Economy and Labour released the July 2023 CPI from the Department of Statistics today.
In summary, consumers paid 2.8 per cent more in July 2023 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation increased from the June 2023 annual inflation rate of 2.7 per cent. Some highlights for July 2022 to July 2023 include:
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The Food sector was the largest contributor to the twelve-month increase in the CPI (+5.9 per cent).
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The Education, Recreation, Entertainment & Reading sector rose 3.4 per cent.
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The Rent sector increased 1.9 per cent.
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The Transport & Foreign Travel sector increased 3.0 per cent.
Between June 2023 and July 2023, the average cost of goods and services in the CPI rose 0.4 per cent. Additional areas of note between June and July 2023 were as follows:
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The Transport & Foreign Travel sector rose 2.0 per cent.
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The Fuel & Power sector was up 2.9 per cent.
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The Food sector edged up 0.2 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 the same month last year, and monthly are the changes from month to month. The July 2023 CPI is available online at www.gov.bm/bermuda-business-statistics.