NASSAU, BAHAMAS — As Bahamians continue to grapple with the impact of global inflation and cost of living increases, the Bahamas National Statistical Institute (BNSI) has revealed that the consumer price index for the month of August rose 6.3 percent on a year-over-year basis.
The index measures the change in the price of goods over a period of time. The BNSI noted that the monthly inflation rate in The Bahamas for the month of August increased by 0.1 percent when compared to July.
“This increase is reflected in the overall price of items purchased by the average consumer during this period. This August 2022 rate increase followed a 1.5 percent increase between the months of June and July 2022,” the report noted.
It was also noted that the category of food and non-alcoholic beverages rose 1.3 percent when compared to last month. Clothing and footwear also saw a 0.2 percent increase from the month of August. For the other categories, there was almost no change in the index compared to the previous month.
“On a year-over-year basis the consumer price index rose 6.3 percent for this same period last year,” the report noted.
Prime Minister Davis has stated that his administration is implementing multiple policies to address the high cost of living in the country, noting that global inflationary pressures have made life unaffordable for many Bahamian families.
Most recently, the government added a number of items to the Price Control Basket (PCB) to reduce food costs for Bahamians. The move which is expected to take effect next week has received strong pushback from local food retailers and wholesalers who say that it will cut into their already thin margins and jeopardize their operations.
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