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

“In summary, consumers paid 2.4 per cent more in December 2023 than a year ago for the basket of goods and services included in the Consumer Price Index [CPI]. This level of inflation declined 0.7 percentage points from the November 2023 annual inflation rate. Some highlights for December 2022 to December 2023 include:

• The Rent sector increased 2.7 per cent.
• The Education, Recreation, Entertainment & Reading sector advanced 3.6 per cent.
• The Food sector increased 2.9 per cent.
• The Health sector increased 2.5 per cent.
• The Household Goods, Services & Supplies sector rose 1.6 per cent.

Between November 2023 and December 2023, the average cost of goods and services decreased 

0.5 per cent. Additional areas of note between November and December 2023 were as follows: 

• The Rent sector increased 0.5 per cent.
• The Household Goods, Services & Supplies sector rose 0.6 per cent.
• The Health & Personal Care sector increased 0.2 per cent.
• The Transport & Foreign Travel sector decreased 5.1 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 December 2023 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.