NASSAU, BAHAMAS — As inflation continues to be a major concern for Bahamian consumers, the Bahamas National Statistical Institute (BNSI) revealed yesterday that the Consumer Price Index rose seven percent in June from the same period last year.
The index which measures changes in the price of goods over a period of time.
The BNSI noted that the monthly inflation rate in The Bahamas, which represents the overall change in prices, saw an increase of 1.5 percent for July 2022 when compared to June 2022.
“This July 2022 increase, rate followed a 0.5 percent increase between the months of May and June 2022. The Consumer Price Index June 2022 rose seven percent, from this same time last year. Consumers paid more in July 2022, for products such as ‘Alcoholic beverages tobacco and narcotics’ as this major group registered an increase 4.8 percent over the same period last year,” the BNSI noted.
It further noted that on a yearly and monthly basis, price increases were seen within the ‘Recreation and culture’ major group, showing a 23 percent increase and 17.32 respectively. The ‘Hotel and Restaurant’ category also rose 3.7 percent month over month, and 17.9 percent over this same time last year, as there was a higher demand for travel accommodation within this category compared to a year earlier.
“On a year-over-year basis, the category of ‘Transport” which includes gasoline, rose at a slower pace, in July than in June 2022. On a monthly basis, gasoline prices were up 3.2 percent compared with June 2022,” the BNSI noted.
Prime Minister Davis said in the House of Assembly on Wednesday that his administration is implementing multiple policies to address the high cost of living in the country, noting that global inflationary pressures have made life unaffordable for many Bahamian families.
He noted that in the past year the government has reduced import duties on dozens of food items, including healthy options such as fruits and vegetables.