Today, the Minister of Economy and Labour, the Hon. Jason Hayward, JP, MP, released the May 2022 Consumer Price Index publication from the Department of Statistics.
The Minister explained, “In May 2022, consumers paid 3.7 per cent more than they did a year ago for the same basket of goods and services; this was the highest recorded level of inflation since December 2007 when the annual inflation rate was 3.6 per cent.”
Minister Hayward added, “The Transport & Foreign Travel sector continued to be the most significant contributor (+8.4 per cent) to the twelve-month increase in the CPI. On average, annual increases were reported in the cost of overseas hotel accommodations (+51.0 per cent), airfares (+12.0 per cent), premium fuels (+7.5 per cent), and mixed fuels (+7.1 per cent).
“Food sector prices climbed 6.4 per cent annually. Notable increases were reported in the cost of tenderloin (+18.4 per cent), frozen entrees (+11.4 per cent), fruit juices (+10.8 per cent) and baby food (+9.4 per cent).”
“The Education, Recreation, Entertainment & Reading sectors strongly impacted the annual inflation rate (+5.3 per cent). The average cost of the local newspaper climbed 25.0 per cent. The average price of pleasure boats advanced by 20.0 per cent.
“Year-over-year, the Health & Personal Care sector was up 4.3 per cent. The average cost of health insurance premiums (+6.0 per cent), toiletries, cosmetics and perfumes (+3.6 per cent), prescription medicines (+2.4 per cent) and self-prescribed medicines and household medical supplies (+1.4 per cent) increased.
“The Household Goods, Services & Supplies sector rose 2.9 per cent over the last twelve months. Dining room and bedroom furniture prices increased 44.7 per cent and 11.1 per cent, respectively.
“Between April 2022 and May 2022, the average cost of goods and services in the CPI rose 0.5 per cent.”
Additional areas of note between April 2022 and May 2022 were as follows:
Ø The Transport & Foreign Travel sector increased 3.2 per cent over the previous month, reflecting a price increase in the average cost of airfares (+17.6 per cent). In contrast, the average cost of overseas car rentals and hotel accommodations slid by 7.1 per cent and 4.6 per cent, respectively.
Ø The Food sector moved up 0.8 per cent in May. Increases were reported in the average cost of cantaloupes (+20.7 per cent), fruit juices (+6.2 per cent), dry breakfast cereals (+4.0 per cent) and soft drinks (+1.6 per cent).
Ø The Education, Recreation, Entertainment & Reading sector advanced 0.3 per cent for the month. Price increases were reported in the average cost of televisions (+17.1 per cent), sporting fees (+4.7 per cent), toys and games (+2.8 per cent) and club membership subscriptions (+2.6 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 May 2022 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics