Economy

Inflation rate edges down to 1%

  • Pricier accommodation: the rental sector's 1.8 per cent rise was the major driver in the increase in the cost of living

Consumers paid more for goods and services in April, than they did in the same month in 2018.

The Consumer Price Index rose 1 per cent, year-on-year.

The rate of inflation declined 0.2 percentage points from the 1.2 per cent measured in March.

Between March 2019 and April 2019, the average cost of goods in the CPI rose 0.4 per cent.

The all-items index was 106 in April, which means that the basket of goods that cost $100 in April 2015, the base period for the CPI, now costs $106.

The rent sector was the largest contributor to the year-on-year change, increasing 1.8 per cent. There was a 2.4 per cent rise in the food sector, and a 2.3 per cent increase in the health and personal care sector.

Month-to-month, the health and personal care sector rose 2.3 per cent in April, with the average cost of health insurance rising 3.1 per cent.

The tobacco and liquor sector rose 1 per cent, with the average cost of beer increasing by 2 per cent and the cost of wine rising by 1.6 per cent.

The cost of transport and foreign travel increased 0.4 per cent. The average cost of premium fuels rose by 2.4 per cent, while the cost of automobiles increased by 0.2 per cent.

The education, recreation, entertainment & reading sector climbed 0.1 per cent in April. The average cost of pet food edged up 0.6 per cent.

The food sector declined by 0.2 per cent in April. On average, the cost of eggs declined 6.2 per cent, the cost of canned vegetables dropped by 4 per cent and the cost of preserved meats declined by 2.9 per cent.

The rent sector dipped 0.1 per cent. That was due, the report said, to a 0.3 per cent decline in the average cost of rental properties not subject to rent control.

All other sectors were unchanged for the month. The data was compiled by the Bermuda Department of Statistics.