The Tribune

The Bahamas’ annual inflation rate was flat in December 2024 to end a run of five consecutive months where it declined year-over-year, official data has disclosed.

The Bahamas National Statistical Institute (BNSI), in unveiling the consumer price index (CPI) for the final month of 2024, also disclosed that overall prices within the local economy increased by a modest 0.5 percent compared to the prevailing inflation rate in November.

The data, while confirming that inflation and pricing pressures have eased following their rapid growth in COVID-19’s aftermath, suggests the cost of living crisis has not disappeared. And the full impact of the trade and tariff war threatened, and in some cases already launched, by US president Donald Trump has yet to work its way through the global economy and be fully felt. It will also take some months to be captured by statistics.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, increased by 0.5 percent when compared to November 2024. This change is reflected in the overall price of items purchased by the average consumer during this period. This December 2024 increase followed a decrease between the months of October 2024 and November 2024,” the Institute said.

“On a month-to-month, basis, the major increases by group included health, 3.4 percent; furnishing, household equipment and routine household maintenance, 2.7 percent; and miscellaneous and goods, 1.4 percent. Meanwhile, the major decrease was alcoholic beverages that decreased by 0.9 percent.

“Furthermore, for December 2024, the CPI remained constant from the same period last year. However, the major categories that registered increases included alcoholic beverages and tobacco, 3.1 percent; furnishing, household and routine household maintenance, 2.9 percent, while housing, water, electricity, gas and other fuels decreased by 2 percent compared to the same period last year,” it added.

“Additionally, for the month of December 2024, both gasoline and diesel recorded decreases of 2.9 percent and 3.6 percent, respectively. Meanwhile, when compared to this same period last year, gasoline and diesel declined 3.3 percent and 16.5 percent, respectively.”