STATIN reports 6.4% inflation rate for 2020

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STATIN reports 6.4% inflation rate for 2020

Wednesday, January 20, 2021

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KINGSTON, Jamaica — The Statistical Institute of Jamaica (STATIN) is reporting that the rate of inflation for December 2020 was 1.3 per cent, while the out-turn for the calendar year was 6.4 per cent.

The calendar year out-turn is 1.4 percentage points higher than the figure for the period up to October.

Speaking at STATIN's quarterly digital briefing on Wednesday (January 20), Director General, Carol Coy, said the movement in the December consumer price index (CPI) was attributable to increases in indices for the divisions – 'Food and Alcoholic Beverages', up 2.4 per cent; 'Housing, Water, Electricity, Gas and Other Fuels', which increased by 1.5 per cent; and 'Transport' that rose by 0.3 per cent.

The CPI is the most widely used set of statistics for measuring inflation.

Coy indicated that the increase in 'Food and Non-Alcoholic Beverages' resulted from a 2.5 per cent rise in the index for the group 'Food', consequent on higher prices for some vegetables.

“Higher rates for electricity, water and sewerage were the main contributors to the increase in the division 'Housing Water, Electricity, Gas and Other Fuels'. The increase in the index for the 'Transport' division was due mainly to higher petrol prices,” the Director General added.

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