CONSUMER PRICE INDEX

OCTOBER 2023

Annual Inflation Rate +3.9%

YEAR-OVER-YEAR INFLATION ANALYSIS Education, Recreation, Entertainment &

Consumers paid 3.9 per cent more in October than they Reading
did a year ago for the basket of goods and services Year-over-year, the Education, Recreation, Entertainment
included in the Consumer Price Index (CPI). This level & Reading sector rose 3.7 per cent. The average cost of
of inflation rose 1.5 percentage points from the 2023 admissions to fairs increased 11.8 per cent and pet care
September annual inflation rate of 2.4 per cent. costs rose 4.3 per cent.

Transport & Foreign Travel Rent

In the twelve months to October 2023, the Transport &
In the twelve months to October 2023, the Rent sector
Foreign Travel sector increased 9.1 per cent. The
increased 2.3 per cent. The average cost of properties not
average cost of airfares and overseas hotel
subject to rent control advanced 2.7 per cent annually. In
accommodations rose 32.9 per cent and 20.8 per cent,
addition, properties under rent control increased 1.6 per
respectively.
cent.

Food Fuel & Power

The Food sector increased 4.9 per cent. Factoring into
Year-over-year, the Fuel & Power sector climbed 9.4 per
the annual increase was the cost of sugar (+41.9 per
cent, in response to the 45.3 per cent increase in the fuel
cent), baby food (+16.8 per cent) and pineapples (+11.7
adjustment rate in October.
per cent). In contrast, the annual average price of eggs
(-19.1 per cent), cantaloupes (-6.5 per cent) and lettuce
(-3.6 per cent) decreased.

YEAR-OVER-YEAR PERCENTAGE CHANGE IN ALL ITEMS INDEX

(April 2015 = 100)

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 BERMUDA CONSUMER PRICE INDEX

MONTH-OVER-MONTH INFLATION ANALYSIS Food

The Food sector rose 0.4 per cent for the month. On
Between September 2023 and October 2023, the
average, price increases were reported for red grapes
average cost of goods and services in the CPI increased
(+21.2 per cent), onions (+6.8 per cent) and potato
0.8 per cent. The all-items index rose from 116.1 to
chips (+4.6 per cent). In contrast, the average cost of
117.0. This means that the basket of goods and services
cooking oil (-4.2 per cent) and eggs (-4.0 per cent)
that cost $100.00 in April 2015 now costs $117.00.
declined.

Fuel & Power

Health & Personal Care
In response to the 48.5 per cent increase in the fuel
The Health & Personal Care sector moved up 0.2 per
adjustment rate, the Fuel & Power sector was up 10.0
cent in October. On average, dentist visits rose 4.1 per
per cent.
cent.
Transport & Foreign Travel
The Transport & Foreign Travel sector increased 1.9 Rent
per cent. The average cost of overseas hotel The Rent sector inched up 0.1 per cent for the month.
accommodations and airfares increased 12.7 per cent The average cost of properties subject to rent control
and 2.6 per cent, respectively. rose 0.2 per cent.

Clothing & Footwear

The Clothing & Footwear sector increased 0.5 per cent.
The average cost of infant clothes (+26.0 per cent) and
women’s dress suits (+3.7 per cent) were up. In
contrast, girl’s outerwear was down 28.2 per cent.

Household Goods, Services & Supplies

The Household Goods, Services & Supplies sector was
up 0.1 per cent for the month. The average cost of
detergents and bleaches increased 1.8 per cent.

Tobacco & Liquor

Education, Recreation, Entertainment & Following the 0.4 per cent increase in September, the
Reading Tobacco & Liquor sector dipped 0.2 per cent for the
month. The average price of beer (-0.7 per cent) and
The Education, Recreation, Entertainment & Reading wines (-0.2 per cent) decreased.
sector increased 0.5 per cent in October. The average
cost of admissions to fairs increased 11.8 per cent.

MONTH-OVER-MONTH PERCENTAGE CHANGE IN ALL ITEMS INDEX

(April 2015 = 100)

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 BERMUDA CONSUMER PRICE INDEX

APRIL 2015 = 100

Household Education,
Clothing Tobacco Fuel Goods, Transport Recreation, Health &
& & & Services & & Foreign Entertain. Personal
All Items Food Rent Footwear Liquor Power Supplies Travel & Reading Care

2013
WEIGHT
1,000 115 267 25 31 39 116 130 147 130
ANNUAL AVERAGE PERCENTAGE CHANGE

2018 +1.4 +2.1 +0.2 +1.6 +4.2 +5.9 -0.2 +0.2 +2.1 +3.1
2019 +1.0 +2.7 +0.9 +1.9 +3.8 +1.0 Nil -3.0 +0.4 +3.4
2020 Nil +3.0 -1.8 +0.9 +2.4 -1.8 +0.3 -4.5 +1.1 +2.9
2021 +1.5 +1.9 -0.3 +0.9 -0.6 -5.0 +1.7 +6.3 +1.9 +2.3
2022 +4.0 +7.9 +0.3 +2.2 +0.5 +11.3 +2.9 +7.6 +4.4 +4.0

MONTHLY PERCENTAGE CHANGE

2022
Oct -0.7 -0.1 Nil +1.6 +0.2 -4.1 +0.5 -4.6 +0.1 Nil
Nov +0.4 +1.8 +0.1 Nil -0.2 Nil +0.1 +0.7 Nil +0.1
Dec +0.2 -0.1 +0.1 Nil Nil Nil +0.5 +1.3 Nil -0.1

2023
Jan +0.4 +0.6 Nil +0.4 +1.3 -3.9 +0.3 +2.7 -0.1 +0.1
Feb +0.1 -0.2 +0.6 Nil -0.1 Nil Nil -0.3 +0.5 -0.1
Mar +0.6 +0.3 +0.1 Nil +3.5 Nil +0.1 +2.2 +0.8 Nil
Apr +0.5 +0.4 +0.1 -2.2 +1.1 +0.5 +0.1 +1.0 +0.1 +2.0
May -0.1 -0.2 +0.1 Nil +0.1 Nil Nil -0.9 +0.3 +0.1
Jun +0.2 +0.6 +0.3 Nil +0.1 Nil Nil -1.0 +0.4 +0.2
Jul +0.4 +0.2 +0.2 -0.1 -0.3 +2.9 +0.2 +2.0 Nil -0.1
Aug -0.2 +0.7 +0.2 Nil +0.4 Nil Nil -2.1 +0.1 Nil
Sept +0.5 +0.2 +0.4 Nil +0.4 Nil +0.1 +1.3 +1.1 Nil
Oct +0.8 +0.4 +0.1 +0.5 -0.2 +10.0 +0.1 +1.9 +0.5 +0.2

MONTHLY INDEX

2022
Oct 112.6 127.7 100.8 112.5 125.3 113.8 109.6 106.4 118.2 122.9
Nov 113.1 130.0 100.9 112.5 125.1 113.8 109.7 107.1 118.2 123.0
Dec 113.3 129.9 101.0 112.5 125.1 113.8 110.3 108.5 118.2 122.9

2023
Jan 113.7 130.7 101.0 113.0 126.7 109.4 110.6 111.4 118.1 123.0
Feb 113.8 130.4 101.6 113.0 126.6 109.4 110.6 111.1 118.7 122.9
Mar 114.5 130.8 101.7 113.0 131.0 109.4 110.7 113.5 119.7 122.9
Apr 115.1 131.3 101.8 110.5 132.5 110.0 110.8 114.6 119.8 125.4
May 115.0 131.1 101.9 110.5 132.6 110.0 110.8 113.6 120.1 125.5
Jun 115.2 131.9 102.2 110.5 132.7 110.0 110.8 112.5 120.6 125.7
Jul 115.7 132.2 102.4 110.4 132.3 113.2 111.0 114.8 120.6 125.6
Aug 115.5 133.1 102.6 110.4 132.8 113.2 111.0 112.4 120.7 125.6
Sept 116.1 133.4 103.0 110.4 133.3 113.2 111.1 113.9 122.0 125.6
Oct 117.0 133.9 103.1 110.9 133.0 124.5 111.2 116.1 122.6 125.8

ANNUAL PERCENTAGE CHANGE

Oct ‘23
Oct ‘22 +3.9 +4.9 +2.3 -1.4 +6.1 +9.4 +1.5 +9.1 +3.7 +2.4

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 BERMUDA CONSUMER PRICE INDEX

SUMMARY STATISTICS
Monthly
Annual
Period Index Per Cent
Change
2022
Oct 112.6 +3.8
Nov 113.1 +3.8
Dec 113.3 +4.1

2023
Jan 113.7 +4.5
Feb 113.8 +4.2
Mar 114.5 +4.5
Apr 115.1 +3.8
May 115.0 +3.1
Jun 115.2 +2.7
Jul 115.7 +2.8
Aug 115.5 +2.4
Sept 116.1 +2.4
Oct 117.0 +3.9

COMPUTING PRICE INCREASES

The Department of Statistics receives calls daily requesting the rate of inflation over specific periods of time. The
following calculations are provided to guide users as to how to compute rates of price increases. The monthly index
numbers can be obtained from our website: https://www.gov.bm/bermuda-business-statistics.

A) Month-to-Month Price Change B) Year-to-Year Price Change C) Particular Period Price Change
The price change between February The price change between March 2022 The price change between February
2022 and January 2022 is calculated as and March 2021 is calculated as 2022 and March 2020 is calculated as
follows: follows: follows:

Feb 22 index - Jan 22 index Mar 22 index - Mar 21 index Feb 22 index - Mar 20 index
= x 100 = x 100 = x 100
Jan 22 index Mar 21 index Mar 20 index

109.0 - 108.6 109.4 - 106.7

= x 100 = x 100 109.0 - 105.9
108.6 106.7 = x 100
105.9

= 0.4% = 2.5%
= 2.9%

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 BERMUDA CONSUMER PRICE INDEX

WHAT IS THE CONSUMER PRICE Weighted Average

INDEX? A mathematical formula that takes into account the
relative importance of an item’s price change compared
The CPI is a statistical tool used for measuring changes to the overall change in the sector or CPI.
in the general level of prices of consumer goods and
services purchased by private households. Inflation
Inflation is the process of rising prices, resulting in
The index measures price movements of a given quality diminishing purchasing power of a given sum of
and quantity of goods and services. The mix of these money.
consumer goods and services comprising the index, is
figuratively thought of as a “shopping basket.” In Cost of Living Index
constructing this “shopping basket”, the selected goods Many individuals refer to the CPI as a cost-of-living
and services are organized first by commodity type. index. The CPI is an index of pure price change only. A
They are then divided into sub-components and cost-of-living index reflects the changes in buying or
assigned to a major expenditure group. The Bermuda consumption patterns that consumers would ordinarily
CPI is structured into nine expenditure groups or make to adjust to any change in the price of a good or
sectors: service.
▪ Food
▪ Rent
March 2024
▪ Clothing & Footwear
▪ Tobacco & Liquor
▪ Fuel & Power Department of Statistics
▪ Transport & Foreign Travel Cedar Park Centre,
▪ Household Goods, Services & Supplies 48 Cedar Avenue, Hamilton HM 11
▪ Education, Recreation, Entertainment & Reading P.O. Box HM 3015
▪ Health & Personal Care Hamilton HM MX, Bermuda

CONCEPTS AND DEFINITIONS Tel: (441) 297-7761, Fax: (441) 295-8390

Website: https://www.gov.bm/department/statistics
Base Period
The period used as a reference point for measuring the
price change of goods and services. The base period for @BermudaStats
the Bermuda CPI is April 2015.
Price Index Number
A single figure that shows how a set of prices has
changed over a specified period. An index number
alone means nothing. It must be compared with an
index number from another period to have meaning.
For example, a comparison of the index number 97.2
for January 2014 with 100.4 for January 2016, reveals
that prices have increased by 3.3 per cent.
Laspeyres Equation
The CPI is computed using this statistical equation.
This formula calculates the total amount of money a
household needs today to purchase the same basket of
goods and services that it bought in the base period,
April 2015.