The cost of living continued to rise in May with a 6.4 per cent increase in the cost of fuel and power, while retail sales rose by about 1.8 per cent.

According to the Consumer Price Index for May 2024, released this week, customers paid 2.3 per cent more for a basket of goods and services compared to the same period in 2023.

The index measures price movements of a “shopping basket” of goods and services, organised by type into nine categories.

While the fuel and power division saw the steepest rise, the cost of food rose by 3.8 per cent, costs under health and personal care rose by 3.3 per cent and there was a 3.1 per cent increase in the education, recreation, entertainment and reading category.

The only area where there was a decline in the period was transport and foreign travel, which fell by 1.7 per cent.

Costs also increased slightly month-on-month, with the average costs of goods and services rising by 0.1 per cent from April 2024 to May 2024.

Meanwhile the monthly Retail Sales Index for May 2024 showed a 1.8 per cent year-on-year increasing with retail sales rising to an estimated $115 million.

The RSI showed five of the seven sectors recorded increased sales volume with building material stores experiencing a 12.8 per cent increase.

Motor vehicle sales volume rose by 6.2 per cent, clothing store sales rose by 2.2 per cent while service station sales rose by 2.1 per cent.

The sales volume for all other store types, including household goods, furniture, appliances, electronics, pharmaceuticals and tourist-related goods, rose by 3.8 per cent.

Food and liquor sales, however, both experienced dips in sales volumes with liquor store sales falling by 1.6 per cent and food store sales falling by 0.9 per cent.

Selected overseas declarations also decreased in the month, falling by 4.3 per cent year-on-year.

“This decrease was attributed to the lower importations of ships, boats, floating structures and aluminium,” the RSI said.

“Declarations at the airport by returning residents increased $0.3 million to $5.1 million. Imports via the Bermuda Post Office remained the same at $0.5 million.”

Liquor store sales was the only area to decline in value year-on-year, with the sector recording a 1.2 per cent decrease in sales value.