The Bahamas’ monthly inflation rate enjoyed its first decline for four months in November 2024, it was disclosed yesterday, while the annual version also fell for the fifth straight month.

The Bahamas National Statistical Institute (BNSI) unveiled consumer price index (CPI) data that showed a continued easing of the post-COVID inflation that, for many middle class and lower income families, sparked a cost of living crisis.

However, many will argue that they are yet to feel the benefit as consumer goods prices have not fallen by any significant amount. And, given the increase in US inflation in January 2025 and continued uncertainty over US tariff policies that may fuel future price increases, the easing suggested by the Institute’s data could yet prove temporary.

Still, The Bahamas’ month-over-month inflation rate declined by 0.7 percent for November 2024. This marked the first fall for four months since July, and was the greatest decrease since May’s 0.8 percent drop. And the annual, or trailing 12 months, inflation rate decreased for the fifth consecutive month with a 1 percent decline. This marked the greatest decline in the year-over-year inflation rate for more than three years.

“The monthly inflation rate in The Bahamas, which represents the overall change in price for 2024, decreased by 0.7 percent when compared to October 2024. This change is reflected in the overall price of items purchased by the average consumer during this period. This November 2024 decrease followed an increase between the months of September 2024 and October 2024,” the Institute said.

“On a month-to-month basis, the major decreases by group included food and non-alcoholic beverages, 4.2 percent; furnishing, household equipment and routine household maintenance, 2.9 percent; and miscellaneous and goods, 1.2 percent. Meanwhile, the major increase was in clothing and footwear, which increased by 0.7 percent.

“Furthermore, for November 2024, the CPI declined 1 percent from the same period last year. The major categories that contributed to this decrease consisted of transport, 3.6 percent; restaurant and hotels, 2.6 percent. Additionally, during the same period last year, the major group increases consisted of alcoholic beverages, 4.5 percent; along with food and non-alcoholic beverages, 1.6 percent,” it added.

“For the month of November 2024, gasoline recorded an increase of 0.2 percent in addition to diesel increasing by 0.8 percent. Meanwhile, when compared to this same period last year, both gasoline and diesel declined 9.5 percent and 12.3 percent, respectively.