The cost of living in Bermuda rose 1.1 per cent in November 2024 compared with the same month a year earlier, according to the latest Consumer Price Index released by the Department of Statistics today.

The annual inflation rate remained unchanged from October 2024, signalling a period of relative price stability despite global and local economic pressures.

Key contributors to the year-on-year increase included a 3.3 per cent rise in the Health and Personal Care division and a 2.5 per cent increase in food prices. Rents, Bermuda’s largest expenditure category, climbed 2 per cent, while the Education, Recreation, Entertainment and Reading category rose 1.5 per cent. Household Goods, Services and Supplies edged up by 1.3 per cent.

However, on a month-to-month basis, prices actually dipped. Between October and November 2024, the overall cost of goods and services decreased 0.3 per cent. Much of that drop was driven by a 2.3 per cent fall in the Transport and Foreign Travel category, reflecting seasonal declines and possibly fluctuating fuel prices.

The food division saw a modest 0.1 per cent decline compared with the previous month, offering some relief to households facing persistent grocery bills. Meanwhile, prices in the Education, Recreation, Entertainment and Reading division remained unchanged from October, while Household Goods, Services and Supplies fell slightly by 0.1 per cent.

The Consumer Price Index measures the average change over time in the prices paid by consumers for a fixed basket of goods and services. It is one of the government’s key indicators for tracking inflation and economic health.

The Ministry of Economy and Labour noted that while overall inflation has stabilised in recent months, certain sectors continue to experience upward pressure, particularly healthcare and food. The ministry pledged to monitor trends closely in the months ahead as Bermuda navigates a challenging global economic climate.