The rate of inflation is holding steady at just over 2 per cent, according to the latest statistics.

The price of a basket of goods in the Consumer Price Index rose 2.3 per cent in June compared to a year earlier. The same rate was also recorded in May, while inflation was at 2.2 per cent in April.

There were significant increases in some essentials, such fuel and food, which were up by 6.4 per cent and 4.6 per cent respectively compared to June 2023.

There was also a 4.3 per cent increase in clothing and footwear, and a rise of 3.2 per cent in the health and personal care sector.

The cost of alcohol rose by just 0.3 per cent and transport and foreign travel fell by 1.9 per cent.

Other figures showed that residents were buying less than a year earlier.

The Retail Sales Index for June, which was also released by the Department of Statistics yesterday, showed a decline in the overall volume of sales by 2.3 per cent compared to a year earlier.

Building supply merchants saw sales dip by 8.3 per cent while sales at liquor stores took a 1.6 per cent hit.

Car dealerships had a bumper month with sales volume increasing by 6.9 per cent and value growing by 9.3 per cent.

In value terms, retail sales increased to an estimated $111 million, which represented a 0.8 per cent rise in sales value year-on-year.

There was a surge in overseas declarations, which shot up 47.5 per cent compared to June 2023.

Imports via courier increased $0.9 million to $14.4 million, while imports by households via sea rose $10.5 million to $18.4 million.

The increase was attributed to the higher importations of furniture, bedding, works of art, carpets and other floor coverings.

Declarations at the airport by returning residents increased $0.7 million to $4.3 million, while imports via the Bermuda Post Office remained the same at $0.5 million.

The total value of all overseas declarations for June was $37.6 million — more than double the value for June 2019, when it was $16.9 million.