​The Ministry of Home Affairs has launched a public survey aimed at gathering residents’ views on affordability as it prepares for a major Cost of Living Summit in 2025.

The survey is part of a wider national engagement effort designed to inform the summit, which will bring together representatives from government, industry, labour and the community to examine the systemic drivers of Bermuda’s high cost of living.

According to an e-mail from the Bermuda Economic Development Corporation, the summit will focus on developing actionable strategies for sustainable relief.

Residents are being asked to share their experiences with everyday costs, their views on current government relief efforts and their openness to potential new measures.

The ministry is also holding consultations with stakeholders and businesses to better understand the pressures they face, like supply chain challenges, wage constraints and cost pass-throughs, as well as to identify possible incentives that could help lower prices across sectors.

The Ministry of Home Affairs has also launched a website, www.costofliving.gov.bm, as a central hub for the government's cost-of-living initiatives. The public survey is on the website, which will remain open until the end of April.

Alexa Lightbourne, the Minister of Home Affairs, emphasised the importance of collaboration in tackling the complex issue of rising living costs.

She stated: "We recognise that this challenge is complex and broad in scope yet interconnected, requiring collaboration, innovation and solutions across multiple ministries."

The ministry aims to work with various stakeholders to develop comprehensive strategies that address the root causes of high costs.

Data from the Department of Statistics indicates that the cost of living in Bermuda rose by 1.1 per cent in November 2024 compared to the same month a year earlier. Key reasons for the 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. ​

“We know that this issue cannot be solved overnight,” Ms Lightbourne noted. “What we can pledge is that we will advance our next steps with urgency, transparency and action.”​

The summit is expected to take place over the summer, with findings compiled into a Cost of Living Report, according to BEDC.

This report will assess the effectiveness of current initiatives, identify gaps and provide concrete, actionable recommendations for Cabinet consideration. This could include amendments to the Regulatory Authority Act to extend oversight powers across both regulated and unregulated markets. ​