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INFLATION: Consumer price index jumps 7% in June from the identical period last yr

NASSAU, BAHAMAS — As inflation continues to be a serious concern for Bahamian consumers, the Bahamas National Statistical Institute (BNSI) revealed yesterday that the Consumer Price Index rose seven percent in June from the identical period last yr.

The index  measures changes in the worth of products over a time frame.

The BNSI noted that the monthly inflation rate in The Bahamas, which represents the general change in prices, saw a rise of 1.5 percent for July 2022 in comparison 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 yr. Consumers paid more in July 2022, for products comparable to ‘Alcoholic beverages tobacco and narcotics’ as this major group registered a rise 4.8 percent over the identical period last yr,” the BNSI noted.

It further noted that on a yearly and monthly basis, price increases were seen throughout 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 yr, as there was a better demand for travel accommodation inside this category in comparison with a yr earlier. 

“On a year-over-year basis, the category of ‘Transport” which incorporates 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 within the House of Assembly on Wednesday that his administration is implementing multiple policies to handle the high cost of living within the country, noting that global inflationary pressures have made life unaffordable for a lot of Bahamian families.

He noted that previously yr the federal government has reduced import duties on dozens of food items, including healthy options comparable to vegatables and fruits. 

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