NASSAU, BAHAMAS — The Consumer Price Index (CPI) for the month of August saw a two percent increase when compared to the same period in 2022, according to data related by The Bahamas National Statistical Institute.
The rise was evident in the overall cost of items purchased by the average consumer during this period. Notably, the August 2023 increase of 0.2 percent follows a 0.6 percent rise between June 2023 and July 2023.
Examining individual categories on a month-to-month basis, Housing, Electricity, Water, and Gas saw an increase of 0.8 percent, while Furnishings and Household Equipment experienced a 0.5 percent rise. Conversely, Health witnessed a decline of 0.9 percent, and Clothing and Footwear decreased by 0.4 percent in August 2023 compared to July 2023.
Key contributors to the CPI increase include Alcoholic beverages, tobacco, and Narcotics at 10.7 percent, Furnishing and Household Equipment at 8.9 percent, Health at 8 percent, and Food and Non-Alcoholic beverages at 5 percent.
Diesel prices, along with gasoline, continue to show a decline of 12.2 percent and 23.8 percent, respectively, compared to the same period in 2022. However, in contrast to July 2023, both gasoline and diesel prices experienced increases in August 2023, with gasoline rising by 3.5 percent and diesel seeing an increase of 2.4 percent.
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