Today, the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, released the June 2022 Consumer Price Index publication from the Department of Statistics.
The Minister explained, “In June 2022, Consumers paid 4.7 per cent more in June 2022 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI].
“In summary, during June 2022 consumers paid 4.7 per cent more than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI).
Minister Hayward added, “The Transport & Foreign Travel sector continued to be the largest contributor to the twelve-month increase in the CPI (+9.0 per cent). On average, annual increases were reported in the price of overseas hotel stays (+50.5 per cent), airfares (+15.6 per cent), and car rentals and entrance fees to overseas theme parks (+5.4 per cent).
“Food sector prices rose 8.0 per cent annually. On average, increases were reported in the cost of tenderloins (+18.9 per cent), frozen entrees (+18.4 per cent), tomatoes and broccoli (+9.3 per cent), and food purchased in restaurants (+6.3 per cent). The Education, Recreation, Entertainment & Reading sector also impacted strongly on the annual rate of inflation (+4.6 per cent). The average cost of sport equipment climbed 3.2 per cent. The average cost of magazines advanced 2.2 per cent. Year-over-year, the Health & Personal Care sector was up 4.5 per cent. The average cost of health insurance premiums (+6.4 per cent), toiletries, cosmetics and perfumes (+3.5 per cent), self-prescribed medicines and household medical supplies (+3.1 per cent), and prescription medicines (+2.4 per cent) increased.
“Between May 2022 and June 2022, the average cost of goods and services in the CPI rose 0.6 per cent.
“The Transport & Foreign Travel sector rose 1.5 per cent in June. Travelers saw higher prices in the average cost of car rentals and overseas theme park entrance fees (+26.9 per cent), overseas hotels (+6.4 per cent), and airfares (+1.5 per cent).
“The Food sector edged up 2.0 per cent for the month. Increases were reported in the average cost of pineapples (+21.2 per cent), potatoes (+11.4 per cent), frozen entrees (+5.4 per cent), and food purchased in restaurants (+3.0 per cent).
“The Education, Recreation, Entertainment & Reading sector advanced 0.2 per cent for the month. Price increases were reported in the average cost of magazines (+2.2 per cent), club membership subscriptions (+1.7 per cent), and sporting equipment (+1.1 per cent).
“The Health & Personal Care sector increased 1.0 per cent for the month. The average cost of self-prescribed medication & household medical supplies rose 1.7 per cent and health insurance premiums were up 1.3 per cent.
“The Household Goods, Services & Supplies sector inched up 0.1 per cent as the average cost of elderly care climbed 3.3 per cent.”
*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation - annual rates are changes from the same month last year, and monthly rates are the changes from the previous month. The June 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics