Today, the Ministry of Economy and Labour released the February 2024 Consumer Price Index from the Department of Statistics.
“In summary, consumers paid 2.5 per cent more in February 2024 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation was unchanged from the January 2024 annual inflation rate. Some highlights for February 2023 to February 2024 include:
- The Rent division increased by 2.3 per cent.
- The Food division advanced 4.0 per cent.
- The Education, Recreation, Entertainment & Reading division increased by 3.3 per cent.
- The Health & Personal Care division increased 2.6 per cent.
- The Household Goods, Services & Supplies division rose 2.4 per cent.
Between January 2024 and February 2024, the average cost of goods and services increased
0.1 per cent. Additional areas of note between January 2024 and February 2024 were as follows:
- The Food division increased 0.7 per cent.
- The Household Goods, Services & Supplies division rose 0.5 per cent.
- The Rent division increased by 0.1 per cent.
- The Tobacco & Liquor division increased 0.3 per cent.
*Note: In summary, each month, the Government measures the annual rate of inflation and the monthly rate of inflation – Annual changes are from the same month last year, and monthly changes are from month to month. The February 2024 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.