The Ministry of Economy and Labour released the November 2023 CPI from the Department of Statistics today.

“In summary, consumers paid 3.1 per cent more in November 2023 than they did a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation declined 0.8 percentage points from the October 2023 annual inflation rate. Some highlights for November 2022 to November 2023 include:

• The Transport & Foreign Travel sector increased 4.9 per cent.
• The Education, Recreation, Entertainment & Reading sector rose 3.7 per cent.
• The Food sector increased 3.1 per cent.
• The Household Goods, Services & Supplies advanced 1.5 per cent.
• The Tobacco & Liquor sector rose 5.4 per cent.

Between October 2023 and November 2023, the CPI’s average cost of goods and services decreased 0.3 per cent. Additional areas of note between October and November 2023 were as follows: 

• The Household Goods, Services & Supplies sector increased 0.2 per cent.
• The Food sector was up 0.1 per cent.
• The Rent sector increased by 0.1 per cent.
• The Transport & Foreign Travel sector decreased by 3.3 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 November 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.