Today, the Ministry of Economy and Labour released the January 2024 Consumer Price Index from the Department of Statistics.
“In summary, consumers paid 2.5 per cent more in January 2024 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation increased 0.1 percentage points from the December 2023 annual inflation rate. Some highlights for January 2023 to January 2024 include:
- The Rent division increased 2.8 per cent.
- The Education, Recreation, Entertainment & Reading division advanced 3.8 per cent.
- The Health & Personal Care division increased 2.5 per cent.
- The Food division increased 3.1 per cent.
- The Fuel & Power division rose 6.2 per cent.
Between December 2023 and January 2024, the average cost of goods and services increased
0.4 per cent. Additional areas of note between December 2023 and January 2024 were as follows:
- The Transport & Foreign Travel division increased 3.4 per cent.
- The Clothing & Footwear division rose 2.5 per cent.
- The Household Goods, Services & Supplies division increased 0.4 per cent.
- The Food division increased 0.7 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 January 2024 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.