Minister Releases May 2019 Consumer Price Index

26 August, 2019

Today, Minister for the Cabinet Office the Hon. Wayne L. Furbert, JP, MP, released the May 2019 Consumer Price Index publication from the Department of Statistics.

The Minister explained, “In May 2019 consumers paid 0.3 per cent more for the CPI basket of goods and services than they did in May 2018.” The Minister also explained, “Between April 2019 and May 2019 the average cost of all goods and services declined by 0.6 per cent.”

The Health & Personal Care sector was the largest contributor to the year-over-year change, increasing 2.3 per cent. The major contributor to the annual increase was the average cost of health insurance premiums.  In addition, the Food and Fuel & Power sectors also contributed to the rise in the annual rate of inflation, as price shifts in these sectors were 1.7 and 3.8 per cent, respectively.  In contrast, the Transport & Foreign Travel sector dipped 4.9 per cent followed by the Rent sector with a 0.2 per cent decline, year-over-year.

Between April and May, the Fuel & Power sector was the largest contributor to the month-to-month change.  This sector rose 1.0 per cent, due to a 3.1 per cent increase in the fuel adjustment clause. The Food sector increased 0.3 per cent and the leading month-to-month price increases were salad dressing (+4.1 per cent) and potatoes (+3.3 per cent). Conversely, the Rent sector declined 2.0 per cent, as the average cost of rental properties not subject to rental control decreased 3.9 per cent. The Transport & Foreign Travel sector dipped 1.6 per cent month-to-month. The average cost of airfares and premium fuels decreased 2.3 per cent and 2.2 per cent, respectively. 

The May 2019 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics

 

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