Log In

Reset Password
BERMUDA | RSS PODCAST

Inflation surges

Figures released yesterday show the annual rate of inflation until June was slightly more than the 2.3 percent inflation rate measured in the year until the end of May.

The cost of the standard basket of goods and services which is used to calculate the rate, edged up 0.4 percent between May and June this year.

The biggest jump in price occurred in the fuel and power sector which advanced 1.9 percent.

Bermuda's fuel adjustment clause surged 42.8 percent during June, pushing the cost of electricity up by 2 percent.

Health care costs were also higher, increasing 0.7 percent.

Consumers paid 8.3 percent more for prescribed medicines, and one percent more for personal care products including cosmetics.

A 3.7 percent increase in the cost of residential care of the elderly drove up the costs of goods and services in the food, rent and household goods, services and supplies sector. Rents have risen .3 percent from May to June, and they have surged 1.6 percent since June 1998.

Grocery store food prices edged up 0.3 percent while the cost of eating out at restaurants and cafes rose 0.2 percent.

The Ministry of Finance's statistics department pinpointed the reason for this increase on the usual menu price hikes during the summer season.

But tobacco and liquor got cheaper. The sector slipped 0.1 percent on the whole with the average price of wines contracting 0.6 percent. The transport and vehicles sector posted no overall price change for the month, and neither did the clothing and footwear index or education, recreation and reading.

Foreign travel costs increased 0.4 percent.