Bahamas: Consumer Prices Up Slightly but Year-over-Year Inflation Steadily Declining

• The Bahamas National Statistical Institute (BNSI) in its latest Consumer Price Index (CPI) report for March highlighted that the inflation rate in the country increased by 0.4% when compared to the 0.1% increase between January and February. The BNSI releases monthly reports on the country’s CPI.
• According to the BNSI, the breakout category of furnishing, and household equipment saw an increase of 6.5% when compared to February, while the miscellaneous goods and services category increased by 1.6%. The report further revealed that for March, clothing and footwear saw a decline of 0.9%.
• “On a year-over-year basis, the CPI rose 4% over the same period last year in 2022,” the report said. “The major categories that contributed to this rise included recreation and culture, alcoholic beverages, along with food and non-alcoholic beverages, with increases of 17%, 11% and 8% respectively.”
• The report also revealed that diesel prices were up 12% in March, while gasoline prices declined by 8% compared to the same period in 2022. However, when compared to February 2023, gasoline prices decreased by 9%, while diesel prices declined by only 2% in March.
• The inflation rate that peaked in 2022 (5.4%) has begun to steadily decline, though remaining above the historical average inflation of 2.1% per year (between 2002 and 2022).

(Source: The Nassau Guardian)