Retail sales decline for third month

The Retail Sales Index rose 0.1 per cent in October, but after adjusting for inflation it was down 0.9 per cent. It was the third straight month of decline.

The Department of Statistics released the Retail Sales Index saying the number of shopping days, 27, was the same for October 2013 as it was for 2012.

Sales of motor vehicles rose 9.3 per cent as higher consumer demand led to a year-on-year increase in the number of cars and motorcycles sold.

Receipts from food sales was up by 0.6 per cent, but that was due to a 2.5 per cent rise in food prices. Liquor stores saw sales drop 3.0 per cent.

Sales for the Service Station sector were off 1.6 per cent, which can partly be attributed to a 6.2 per cent drop in the price of fuel.

The Building Material Stores sector continued its slump and was down 13.3 per cent. The decrease in sales was due to an overall slowdown in construction activity and fewer contract sales for residential and commercial construction projects.

Residents declared 22.6 per cent less in October 2013 than they did in 2012 as they returned to Bermuda. A total of $4.1 million was declared.