Inflationary pressures are anticipated to remain relatively contained

Consumer prices in the Bahamas jumped by 2.7% at the end of April 2021 with consistent growth in the retail price index (RPI) during the first quarter of 2021.

According to newly released data from the Central Bank of the Bahamas’ Quarterly Statistical Digest released by the Central Bank of The Bahamas the retail price index increased from 108.75 in 2020, the highest in 10 years at the time to 109.71 in January.

The RPI, which is similar to a consumer price index, measures the average change in prices over time that consumers pay for a basket of items, peaked in April to 110.26. 

While the cost of most basket items increased across the board, the price for healthcare (5%), transportation (10.3%) and communications (9.1%) rose the most.  

Health care jumped from 134.13 at the start of the year to 140.88 in April, communication jumped from 99.86 to 108.96 and transportation from 102.73 to 113.28 over the same period of time.

Food and non-alcoholic beverage saw moderate inflation from 110.55 in January to 110.80 in April; housing, water, gas and electricity rose marginally from 105.84 to 105.97; and restaurants and hotels from 120.41 to 121.05.

The Central Bank of the Bahamas notes that inflationary pressures are anticipated to remain relatively contained, excluding any shocks to international oil prices.

There were some segments that saw declines including clothing and footwear, which dropped from 115.38 in January to 105.97 in April while recreation and culture, which dropped drastically from 113.18 to 103.70.