The Tribune

The Bahamas enjoyed a continued decline in the annual inflation rate through to October 2024 even though prices rose month-over-month.

The Bahamas National Statistical Institute (BNSI), unveiling Consumer Price Index data for that month, found that the trailing 12-month inflation rate to October 2024 fell by 0.4 percent compared to the same point in the prior year. This represented the fourth consecutive month in which the annual, or year-over-year, inflation rate had fallen.

However, when compared to September 2024, prices increased by 0.5 percent month-over-month - the biggest monthly jump since March last year. The data reversed a six-month trend in which inflation had either been declining or was mostly flat month-over-month, indicating that while the price surges which sparked the post-COVID cost of living crisis may have eased somewhat the problem has not gone away.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, increased by 0.5 percent when compared to September 2024,” the BNSI said. “This change is reflected in the overall price of items purchased by the average consumer during this period.

“This October 2024 increase followed a relatively stable, unchanged rate, between the months of August 2024 and September 2024. On a month-to-month, basis, the major increases, by group, included food and non-alcoholic beverages, 4.4 percent; along with health, 1.4 percent. Meanwhile, the other major categories recorded no significant changes, when compared to last month.”

The BNSI added: “Furthermore, for October 2024, the CPI declined 0.4 percent over the same period last year. The major categories that contributed to this decrease consisted of transport, 4.7%; clothing and footwear, 2.5 percent; along with restaurants and hotels, 2.5 percent.

“In addition, during the same period last year, the major group increases consisted of food and non-alcoholic beverages, 5.9 percent, along with alcoholic beverages, 4.3 percent. For the month of October 2024, gasoline recorded an increase of 0.4 percent while diesel decreased by 0.2 percent. Meanwhile, when compared to this same period last year, both gasoline and diesel declined 10.1 percent and 9.7 percent, respectively.”