Bermuda’s consumer price inflation hit 4.7 per cent in March, up from February’s 4.2 per cent and the highest reading since September 2022.

Higher food and transportation prices led the consumer price index higher, while rent and fuel prices also increased but less than the average pace.

The data, released by the Department of Statistics today, shows inflation starting to trend upward again after recent lows of 3.8 per cent hit in October and November last year.

In the transportation and foreign travel category, prices were up 10 per cent year-on-year, with overseas accommodation prices rising 36.7 per cent and airfares rising 25.3 per cent from March 2022.

Premium fuel prices were up 5.3 per cent and mixed fuel 5 per cent.

In the food category, prices rose 9.4 per cent. Cooking oil was up 51.2 per cent, pasta 58.7 per cent and fruit juices 33.8 per cent.

Inflation in March was higher in Bermuda than in Canada during the same month, but lower than in the United States and Britain, where the rate was 13.5 per cent.

The all-items index hit 114.7 in March, It was set at 100 in April 2015, meaning that prices overall are up 14.7 per cent since then. The index was highest in the tobacco and liquor category, at 131.0, meaning that the prices are 31 per cent higher than in early 2015.

Month-on-month inflation in Bermuda was 0.8 per cent in March, the highest reading since April 2022, when month-on-month inflation was 1.2 per cent.

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March 2023 CPI Report.pdf

In the month-on-month figures, deflation was evident in some product categories. Oranges were 7.9 per cent cheaper on month, lettuce 16.3 per cent and rapid antigen tests 11.0 per cent.

On an annual basis, potatoes are 5.1 per cent cheaper, prunes 15.3 per cent and nuts and snacks 2 per cent.

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