Business

Inflation rises to 2%

  • Costing more: the inflation rate in Bermuda moved up 0.6 percentage points to 2 per cent in November

Inflation jumped to 2 per cent in November, up from 1.4 per cent the month before.

The transport and foreign travel sector was up 1.2 per cent, with the average cost of overseas hotels up 3.6 per cent, and airfares 1.6 per cent higher.

Among food items that became more expensive in November were cantaloupes, up 14.3 per cent, green peppers up 8.3 per cent, and pasta up 2.4 per cent. The food sector was 0.1 per cent up for the month.

Fuel and power costs declined 2.1 per cent, assisted by a 6.5 per cent decline in the fuel adjustment clause.

Between October and November the average cost of goods and services in the Consumer Price Index increased by 0.1 per cent, to move the all-items index to 104.2. This means a basket of goods and services that cost $100 in April 2015 now costs $104.20.

Year-on-year, the biggest contributing factor to the CPI in November was a 6 per cent rise in the transport and foreign travel sector. Premium fuels jumped 9.4 per cent.

Also, there was a 9.3 per cent rise in tobacco and liquor sector prices, while the food sector was up 2.8 per cent year-on-year.