NASSAU, BAHAMAS- The monthly inflation rate dropped to 0.7 percent back in November, and the Consumer Price Index (CPI) declined by 0.9 percent year-over-year, mainly due to lower prices in food and household items, according to the Bahamas National Statistical Institute (BNSI).
The BNSI, in its report, stated that the monthly inflation rate for November 2024 reflected a decrease in several key categories, including Food and Non-Alcoholic Beverages, which fell by 4.2 percent, and Furnishings, Household Equipment, and Routine Household Maintenance, which dropped by 2.9 percent. The only significant increase was in Clothing and Footwear, which rose by 0.7 percent.
Year-over-year, the CPI decline was influenced by higher transportation costs, which saw a drop of 3.6 percent, and restaurant and hotel prices, which fell by 2.6 percent. In comparison to last year, the report also noted price increases in Alcoholic Beverages (up 4.5 percent) and Food and Non-Alcoholic Beverages (up 1.6 percent).
Additionally, the report highlighted a slight increase in gasoline and diesel prices in November 2024, with gasoline rising by 0.2 percent and diesel by 0.8 percent. However, both gasoline and diesel were lower than in the same period last year, with declines of 9.5 percent and 12.3 percent, respectively.
The CPI, which tracks price changes over time, decreased by 0.9 percent when compared to November 2023, meaning prices were generally lower than they were the year before.
