Bermuda’s inflation rate reaches ten-year high at 3.5%
/ Our Today
administratorBasic commodities such as bread rose by more than 8% and potatoes by almost 25%
Inflation in Bermuda rose to 3.5 per cent in April, the highest it has been since 2012.
Figures released on Friday (July 15) by the government shows the prices of some goods and services went up as much as 25 per cent with the increase in the fuel adjustment clause – 21.4 per cent – propelling the fuel and power sector to rise 9.2 per cent in one month.
Year on year, basic commodities such as bread rose by more than eight per cent and potatoes by almost 25 per cent.
Bermuda’s Minister of Economy and Labour Jason Hayward reports that, on average, annual increases were reported in the cost of overseas hotel accommodation (up 69.6%), premium fuels (up 9.1%), mixed fuels (up 8.6%) and cars, which increased by 1.5 per cent.
AVERAGE COST OF HEALTH INSURANCE PREMIUMS ROSE
The food sector increased 5.4 per cent year-over-year with the price of tenderloin steak going up by 21.7 per cent, and pineapples, up 17.6 per cent. The education, recreation and reading sector saw a five per cent increase year over year with the average cost of the local newspaper climbing 25 per cent and the average price of pleasure boats increasing 20 per cent.
Year over year, the health and personal care sector was up 4.3 per cent, as the average cost of health insurance premiums rose six per cent; toiletries, cosmetics and perfumes prices rose 3.5 per cent and prescription medicines went up 2.4 per cent. Clothing and footwear prices rose 1.5 per cent year on year, as the average cost of women’s sweaters, jewellery and men’s shirts rose 16 per cent, 7.3 per cent and 5.1 per cent, respectively.
The health and personal care sector rose 2.2 per cent, as the average cost of health insurance premiums increased 2.8 per cent. The household goods, services and supplies sector increasing two per cent in April.
On average, price increases were reported for dining room furniture, which rose 29.8 per cent, television service subscriptions (up 9.6%) and bedroom furniture (up 8.3%).
Comments