The Tribune

The Bahamas’ annual inflation rate declined by 0.8 percent for the 12 months to September 2024, it was revealed yesterday, representing a modest easing to the post-COVID cost of living crisis.

The Bahamas National Statistical Institute (BNSI), unveiling its latest monthly consumer price index (CPI) report, also disclosed that September’s month-over-month inflation rate was flat or unchanged compared to August 2024 in a further sign that cost pressures have moderated even though prices may not have declined.

Data produced by the Institute showed that September produced the third consecutive monthly fall in the annual, or trailing 12-month, inflation rate, while also representing a slight improvement over the 0.1 percent increase in the CPI Index for August.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, remained constant when compared to August 2024,” the Bahamas National Statistical Institute (BNSI) said. “This change is reflected in the overall price of items purchased by the average consumer during this period.

“This September 2024 remained constant with August, and followed a 0.1 percent increase between the months of July 2024 and August 2024. On a month-to month basis, the major increases, by group, included furnishing and household equipment and routine household maintenance, 3.7 percent; restaurant and hotels, 0.6 percent; along with miscellaneous goods and services, 0.5 percent.

“Meanwhile, the major decreases by group consisted of food and non-alcoholic, 1.6 percent; health, 0.9 percent; along with education, 0.4 percent. Furthermore, for September 2024, the consumer price index declined by 0.8 percent over the same period last year,” it added.

“The major categories that contributed to this decrease consisted of communications, 5.9 percent; transport, 3.7 percent; 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 furnishing and household equipment and routine household maintenance, 4.9 percent; alcoholic beverages, 4.3 percent; health, 3.5 percent, along with miscellaneous goods and services, 2.6 percent.”

As for fuel costs, the Bahamas National Statistical Institute said: “For the month of September 2024, both gasoline and diesel prices recorded increases of 2 percent and 1.2 percent, respectively. Meanwhile when compared to this same period last year both, gasoline and diesel declined 9.9 percent and 6.4 percent, respectively.”