Today, the Ministry of Economy and Labour released the Department of Statistics’ May 2024 Consumer Price Index.

“In summary, consumers paid 2.3 per cent more in May 2024 than 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 April 2024 annual inflation rate. Some highlights for May 2023 to May 2024 include:

• The Rent division increased 2.2 per cent.

• The Food division advanced 3.8 per cent.

• The Education, Recreation, Entertainment & Reading division increased 3.1 per cent.

• The Health & Personal Care division increased 3.3 per cent.

• The Fuel & Power division rose 6.4 per cent.

Between April 2024 and May 2024, the average cost of goods and services increased 0.1 per cent. Additional areas of note between April 2024 and May 2024 were as follows: 

• The Education, Recreation, Entertainment & Reading division increased 0.3 per cent.

• The Rent division rose 0.1 per cent.

• The Health & Personal Care division increased 0.1 per cent.

• The Food division increased 0.1 per cent.

*Note: In summary, the Government measures the annual and monthly inflation rate each month. Annual changes are from the same month last year, and monthly changes are from month to month. The May 2024 Consumer Price Index is available online at www.gov.bm/bermuda-business-statistics.