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    Consumer Price Index - Jan 14

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    Consumer prices in January 2014 were 1.8% higher than in January 2013, a slight decrease from the 1.9% rate in December 2013. The health and personal care sector saw the largest annual increase at 7.7% due to rising drug costs. Food and transportation prices also increased substantially year-over-year. Monthly inflation rose 0.1% between December 2013 and January 2014, with food prices jumping 1.5% and electricity costs declining 3%.

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    Consumer Price Index - Jan 14

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    BernewsAdmin
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    Consumer prices in January 2014 were 1.8% higher than in January 2013, a slight decrease from the 1.9% rate in December 2013. The health and personal care sector saw the largest annual increase at 7.7% due to rising drug costs. Food and transportation prices also increased substantially year-over-year. Monthly inflation rose 0.1% between December 2013 and January 2014, with food prices jumping 1.5% and electricity costs declining 3%.

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    Consumer prices in January 2014 were 1.8% higher than in January 2013, a slight decrease from the 1.9% rate in December 2013. The health and personal care sector saw the largest annual increase at 7.7% due to rising drug costs. Food and transportation prices also increased substantially year-over-year. Monthly inflation rose 0.1% between December 2013 and January 2014, with food prices jumping 1.5% and electricity costs declining 3%.

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    Download as PDF, TXT or read online from Scribd
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    360 views4 pages

    Consumer Price Index - Jan 14

    Uploaded by

    BernewsAdmin
    Consumer prices in January 2014 were 1.8% higher than in January 2013, a slight decrease from the 1.9% rate in December 2013. The health and personal care sector saw the largest annual increase at 7.7% due to rising drug costs. Food and transportation prices also increased substantially year-over-year. Monthly inflation rose 0.1% between December 2013 and January 2014, with food prices jumping 1.5% and electricity costs declining 3%.

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    CONSUMER PRICE INDEX

    January 2014 INFLATION SLIGHTLY DIPS


    Consumers paid 1.8 per cent more in January 2014 than they did a year ago for the basket of goods and services included in the Consumer Price Index (CPI). This level of inflation decreased 0.1 percentage point cent from the 1.9 per cent measured in December 2013. Between December 2013 and January 2014, the average cost of goods and services in the Consumer Price Index increased 0.1 per cent. The all-items index increased to 122.5 index points in January. This means that the basket of goods and services that cost $100.00 in April 2006 now cost $122.50.

    YEAR-TO-YEAR ANALYSIS
    The Health & Personal Care sector remained the largest contributor to the twelve-month rate of price increase. The annual increase in January 2014 was 7.7 per cent, as prescribed drugs increased 5.5 per cent year over year. The Food and Transport & Vehicles sectors also impacted strongly on the annual rate of inflation. Price shifts in these two sectors were 2.0 per cent and 1.5 per cent, respectively.

    Inflation Rate MONTH1.8%


    The compilation of the CPI involves the processing of several thousand price quotations. The Department of Statistics wishes to acknowledge the cooperation of the business community in supplying the required price data.
    Period 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 Jan Index

    SUMMARY STATISTICS
    Monthly Annual per cent Change +1.9 +2.1 +2.1 +1.7 +1.7 +1.9 +1.8 +1.3 +1.8 +1.6 +1.3 +1.9 Period 2011 Q2 Q3 Q4 2012 Q1 Q2 Q3 Q4 2013 Q1 Q2 Q3 Q4 Quarterly Index Annual per cent Change +2.6 +2.6 +3.0

    120.3 120.6 120.9 121.5 121.7 122.0 122.0 122.1 122.7 122.8 122.1 122.4

    116.5 117.4 118.3

    118.2 119.6 120.3 120.5

    +2.8 +2.7 +2.5 +1.8

    120.6 121.7 122.3 122.4

    122.5

    +1.8

    +2.0 +1.8 +1.7 +1.6

    DEPARTMENT OF STATISTICS

    BERMUDA CONSUMER PRICE INDEX

    MONTH ANALYSIS
    Food Food prices in grocery stores jumped 1.5 per cent in January. Leading price increases were reported for soft drinks (11.4 per cent), frozen spare ribs (8.9 per cent) and mayonnaise (5.4 per cent). Rent Household Goods, Services & Communications The Household Goods, Services & Communications sector was unchanged for the third consecutive month. Education, Recreation & Reading The Education, Recreation & Reading sector fell 0.1 per cent in January, following an increase of 0.1 per cent in December. Pet costs and up-keep decreased 1.6 per cent. Fuel & Power The Fuel & Power sector declined 2.9 per cent in January. Residential consumers paid 3.0 per cent less for electricity then in December. Transport & Vehicles The Transport & Vehicle sector dipped 1.7 per cent in January, after a 2.6 per cent rise in December. The average price of overseas hotel accommodation dropped 10.0 per cent. In contrast, premium fuel prices rose 2.2 per cent in January.

    The Rent sector increased 0.5 per cent in January. Rental income from properties under rent control increased by 0.1 per cent, while properties not subject to rent controls increased by 0.7 per cent.
    Clothing & Footwear The Clothing & Footwear sector inched up 0.7 per cent in January. On average, the price of clothing accessories and womens clothing increased 1.8 per cent and 0.7 per cent, respectively Tobacco & Liquor The Tobacco & Liquor sector increased 0.4 per cent in January, following an increase of 0.1 per cent in December. The average cost of spirits and wines increased 2.0 and 0.4 per cent, respectively during the month. Health & Personal Care

    The Health and Personal Care sector was static in January. The average cost of self-prescribed medicines & household medical supplies rose by 1.3 per cent. In contrast, ladies hairstyling fell 1.0 per cent.

    COMPUTING PRICE INCREASES


    The Department of Statistics receives numerous calls daily requesting the rate of inflation over specific periods of time. The following calculations are provided to guide users as to how to compute rates of price increases. The monthly index numbers can be obtained from our website www.statistics.gov.bm. a) Month-to-Month Price Change
    The price change between November and December, 2012 is calculated as Follows: Dec 13 index - Nov 13 index = 100 Nov 13 index
    = 122 . 4 122 .1 100 122 . 1

    b) Year-to-Year Price Change The price change between December 2011 and December, 2012 is calculated as follows: Dec 13 index - Dec 12 index = 100 Dec 12 index
    = 122 .4 120 .1 100 120 .1

    c) Particular Period Price Change The price change between February 2010 and January, 2013 is calculated as follows: Jan 14 index - Feb 10 index = 100 Feb 10 index

    122 .5 111 .7 100 111 .7

    = 0 .3 %

    = 1 .9 %

    = 9 .7 %

    DEPARTMENT OF STATISTICS

    BERMUDA CONSUMER PRICE INDEX

    APRIL 2006 = 100


    Household Goods, Services & Communications

    All Items 2004 WEIGHT

    Food

    Rent

    Clothing & Footwear

    Tobacco & Liquor

    Fuel & Power

    Transport & Vehicles

    Education, Recreation & Reading

    Health & Personal Care

    1000

    146

    325

    37

    20

    30

    140

    139

    71

    92

    ANNUAL AVERAGE ( per cent) 2009 2010 2011 2012 2013 +1.8 +2.4 +2.7 +2.4 +1.8 +5.4 +3.0 +2.3 +3.5 +3.0 +1.9 +1.3 +1.1 +0.2 -0.3 +3.0 +2.4 +5.7 +4.3 +0.1 +5.9 +1.9 +3.1 +2.5 +4.4 -6.3 -0.8 +11.3 +9.3 -1.9 +0.7 +1.6 +2.0 +1.0 +0.5 -4.3 +1.8 +0.6 +1.6 +1.4 +5.3 +2.5 +2.6 +2.7 +2.5 +6.7 +8.1 +7.5 +6.6 +8.3

    MONTHLY ( per cent)

    2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2014 Jan Jan 14

    +0.1 +0.1 +0.2 +0.9 +0.2 Nil +0.1 +0.6 Nil +0.3 -0.4 -0.3 +0.2 +0.2 +0.2 +0.5 +0.1 +0.3 Nil +0.1 +0.4 +0.1 -0.6 +0.3 +0.1 122.5

    +1.6 -0.2 +0.9 Nil +0.5 +0.2 +0.2 +0.6 +0.1 +0.4 -0.4 -1.0 +2.3 Nil +0.4 +0.4 -0.4 +0.1 +0.3 +0.8 +0.2 -0.1 -0.4 -0.8 +1.5 131.4

    Nil +0.1 +0.1 +0.1 -0.1 +0.2 -0.1 +0.3 -0.2 Nil +0.1 Nil -0.1 +0.1 -0.5 -0.3 Nil Nil +0.2 +0.1 Nil +0.1 Nil +0.1 +0.5 111.3

    Nil Nil Nil +1.5 +0.2 Nil -1.8 Nil Nil -2.0 Nil Nil +1.1 Nil Nil +0.8 Nil Nil +0.2 Nil Nil +1.0 +0.2 Nil +0.7 122.9

    -0.1 +0.4 +0.2 +0.7 -0.1 +0.4 +0.5 +0.1 +0.2 +0.3 Nil +0.1 +0.5 -0.2 Nil +1.7 +2.0 +0.4 +0.1 +0.1 -0.1 Nil +0.4 +0.1 +0.4 136.1

    Nil Nil Nil Nil Nil +5.3 +2.4 -1.8 Nil -1.9 -7.8 +2.9 -1.4 +1.4 +2.8 Nil -2.7 +1.8 Nil +0.9 +0.8 -0.8 -2.7 Nil -2.9 149.5

    +0.1 +0.1 +0.1 Nil Nil -0.7 +0.2 +0.1 +0.3 +0.2 Nil Nil +0.1 Nil Nil Nil +0.1 -0.1 +0.1 +0.4 -0.1 +0.1 Nil Nil Nil 111.5

    -1.7 +1.0 +0.4 +1.3 +1.1 -1.8 -0.5 +4.1 -1.0 +1.3 Nil -2.0 -1.2 +1.3 +1.4 -1.9 +1.2 +1.6 -1.8 -0.5 +2.2 +0.5 -3.2 +2.6 -1.7 108.5

    Nil -0.1 -0.1 +0.2 +0.2 +0.3 Nil -0.1 +2.1 +0.3 +0.1 Nil +0.2 Nil Nil Nil Nil -0.1 -0.1 +0.1 +1.6 -0.1 -0.1 +0.1 -0.1 131.3

    Nil Nil +0.1 +5.6 Nil +0.1 -0.1 +0.1 +0.3 +1.5 +0.1 -0.1 Nil Nil +0.1 +6.3 +0.7 +0.1 +0.1 Nil Nil +0.4 Nil +0.1 Nil 165.7

    Jan '14 Jan '13

    +1.8

    +2.0

    +0.3

    +3.0

    +4.9

    -1.6

    +0.5

    +1.5

    +1.4

    +7.7

    DEPARTMENT OF STATISTICS

    BERMUDA CONSUMER PRICE INDEX

    WHAT IS THE CONSUMER PRICE INDEX? The Consumer Price Index (CPI) is a statistical tool used for measuring changes in the general level of prices of consumer goods and services purchased by private households. The index measures price movements of a given quality and quantity of goods and services. The mix of these consumer goods and services comprising the index, are figuratively thought of as a shopping basket. In constructing this shopping basket, the selected goods and services are organized first by commodity type. They are then divided into subcomponents and assigned to a major expenditure group. The Bermuda CPI is structured into nine expenditure groups or sectors: Food Rent Clothing & Footwear Tobacco & Liquor Fuel & Power Transport & Vehicles Household Goods, Services & Communications Education, Recreation & Reading Health & Personal Care CONCEPTS AND DEFINITIONS
    Base Period

    WEIGHTED AVERAGE A mathematical formula that takes into account the relative importance of an items price change compared to the overall change in the sector or CPI.
    Inflation

    Inflation is the process of rising prices, resulting in diminishing purchasing power of a given sum of money.
    Cost of Living Index

    Many individuals refer to the Consumer Price Index (CPI) as a cost-of-living index. The CPI is an index of pure price change only. A cost-of-living index reflects the changes in buying or consumption patterns that consumers would ordinarily make to adjust to any change in the price of a good or service.

    A COMPARISON OF RATES OF INFLATION (%)

    Selected Countries & Bermuda


    2010 2011 2.7 3.0 2.9 5.2 2012 2.4 1.7 1.5 3.2

    2013 Jan 14 1.8 1.5 0.9 3.0 +1.8 +1.6 +1.5 +2.8

    The time period which is used as a reference point for measuring the price change of goods and services. The base period for the Bermuda CPI is April 2006.
    Price Index Number

    Bermuda 1 United States Canada2 3 United Kingdom

    2.4 1.5 1.8 4.6

    A single figure that shows how a set of prices has changed over a specified period of time. An index number on its own means nothing. It must be compared with an index number from another period to have meaning. For example, a comparison of the index number 79.1 for January 1998 with 82.9 for January 2000, reveals that prices have increased by 4.8 percent.
    Laspeyres Equation

    Sources: 1. US Bureau of Labour Statistics 2. Statistics Canada 3. UK Office of National Statistics

    Published by the Government of Bermuda February 2014 The Cabinet Office Department of Statistics Cedar Park Centre, 48 Cedar Avenue, Hamilton HM 11 P.O. Box HM 3015 Hamilton HM MX, Bermuda Tel: (441) 297-7761, Fax: (441) 295-8390 E-mail: statistics@gov.bm Website: www.statistics.gov.bm

    The CPI is computed using this statistical equation. This formula calculates the total amount of money a household needs today to purchase the same basket of goods and services that it bought in the base period, April 2006.

    DEPARTMENT OF STATISTICS

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