Business

Consumer prices up six percent over last year

The Consumer Price Index Report for June 2022 released yesterday by the Bahamas National Statistical Institute (BNSI), reveals a surge of 6.2 percent year over year in the report’s All Items Index. The data also shows that consumer prices are up half a percentage point over the price increases in May.

“For the month of June 2022, monthly inflation for the All Items Index increased by 0.5 percent when compared to May 2022. This June 2022 rate followed a 0.8 percent increase between the months of April 2022 and May 2022. The All Items Index for June 2022 recorded a surge of 6.2 percent year over year following a 5.5 percent gain in May 2022,” the BNSI stated in a release yesterday.

“This increase, which was the largest change recorded for The Bahamas in recent years, is being felt globally as many other countries also grapple with rising prices. The monthly increase (0.5 percent) for the month of June 2022 was due to the Transportation Index. The Transportation Index, which included fuel commodities, rose 7.9 percent month over month, and was the largest contributor to the all items increase.”

Inflation has been atop the concerns of Bahamians, particularly after Central Bank Governor John Rolle earlier this week indicated that consumer prices hadn’t yet reached their projected peak this year.

Bahamians have been paying higher prices in just about every consumer category. 

“On a year-over-year basis, consumers paid 33.5 percent more for gasoline, while diesel saw a 32.1 percent increase, contributing significantly to consumer inflation in The Bahamas,” the BNSI said.

“Additionally, the categories of restaurants and hotels, and food and non-alcoholic beverages, also showed increases of 13.8 percent and 13.6 percent respectively for the same period.”

The Central Bank this week revealed that during the 12 months to April, average consumer price inflation accelerated to 3.8 percent from 0.4 percent in the corresponding period of 2021.

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Paige McCartney

Paige joined The Nassau Guardian in 2010 as a television news reporter and anchor. She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News

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