NASSAU, BAHAMAS — There has been a year-over-year rise in prices of over two percent, according to The Consumer Price Index for October 2023.

The findings were contained in a report by the Bahamas National Statistical Institute that measured CPI—a measure of the average change of prices over time—among other metrics.

The Monthly Inflation Rate in the Bahamas, representing the overall change in prices for 2023, increased by 0.1 percent compared to September 2023. This increase is reflected in the overall cost of items purchased by the average consumer during this period. The October increase follows a 0.2 percent rise between August 2023 and September 2023.

On a month-to-month basis, notable increases by the group include Health, experiencing a 4.7 percent rise, and Furniture and Furnishings, which saw a 2.2 percent increase. Conversely, Communication, as well as Food and Non-Alcoholic Beverages, saw declines of 5.7 percent and 0.4 percent, respectively, in October compared to September 2023.

On a year-over-year basis, the CPI rose slightly over two percent compared to the same period last year in 2022. Key contributors to this rise were Health at 9.3 percent, Furniture and Household Equipment Furnishings at 6.9 percent, and Alcoholic Beverages and Tobacco at 5.4 percent. Meanwhile, Transportation witnessed the most significant decrease, declining by 8.5 percent during the same period last year.

Examining fuel prices, gasoline prices increased by 5.2 percent compared to the same period last year, while diesel prices continued to decline by 11.2 percent compared to the same period in 2022. Furthermore, on a monthly basis for October 2023, both gasoline and diesel prices saw increases, with diesel rising by 3.6 percent and gasoline by 0.7 percent compared to September 2023.

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