Bermuda’s food prices have continued rising, with the latest figures showing residents paid 5.6 per cent more last August compared with a year earlier.

Food prices for the month rose by 0.7 per cent overall.

However, the increase was substantially lower than the double-digit rise in food costs seen in earlier Consumer Price Index reports.

January 2023 figures, for instance, showed inflation ramping-up the pricetag for food by 10.1 per cent over the previous 12 months.

Inflation continued to trend downward, however, and the Department of Statistics figures showed an overall 2.4 per cent increase for a basket of goods and services on one year previously.

Inflation in recent years peaked at 5.1 per cent in September 2022, compared with September 2021.

The biggest food cost increases between July and August 2023 were for onions, at 19.1 per cent; beef and turkey, up 13.3 per cent; and pineapples, where the price tag rose 8.2 per cent on what was charged a month earlier.

Clothing and footwear prices were static for the month and the fuel and power sector was unchanged.

Inflation overall fell from the 2.8 per cent annual figure measured in July 2023.

Other than a modest increase of 0.1 per cent from June 2023, year-on inflation has been on a downward glide from a spike of 4.5 per cent measured for March 2023.

Year-on-year, rents rose 2.1 per cent, while the average cost of properties not subject to rent control climbed 3 per cent, and household repair and maintenance costs rose 1.3 per cent.

The education, recreation, entertainment and reading sector was hit with a 3.1 per cent annual inflation rate. Health and personal care went up 2.2 per cent, while transport and foreign travel rose by 1.7 per cent.

Download PDF File

August 2023 CPI Report.pdf

• To see the August 2023 CPI figures, see Related Media.