May inflation rate up by 0.1 % — STATIN


May inflation rate up by 0.1 % — STATIN

Sunday, July 12, 2020

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The Jamaica Consumer Price Index (CPI) inflation rate for May was 0.1 per cent.

This increase was largely as a result of the 1.1 per cent increase in the heavily weighted food and non-alcoholic beverages division, according to the Consumer Price Index Bulletin – May, released last Friday (July 10) by the Statistical Institute of Jamaica (STATIN).

Higher prices for agricultural produce, such as cabbage, lettuce, and potatoes, resulted in the index for the class vegetables, tubers, plantains, cooking bananas, and pulses moving up by 2.3 per cent.

There was also an increase of 1.5 per cent in the index for the housing, water, and electricity, gas and other fuels division. This movement was due mainly to an increase in electricity rates, which resulted in a 5.6 per cent upward movement in the index for the group electricity, gas and other fuels.

However, the overall increase in the rate of inflation was moderated by the index for the 'education' division, which decreased by 22.1 per cent. The movement was primarily influenced by a decrease in tuition fees for the summer term. The 'transport' division also recorded a decrease in its index of 0.3 per cent. Lower prices for petrol contributed to this decline. For the review period, the fiscal year to date was 0.1 per cent and the calendar year-to-date inflation rate was 1.7 per cent.

For May, index numbers for the three regions were: Greater Kingston Metropolitan Area (GKMA) - 0.0 per cent; other urban centres (OUC) - 0.2 per cent, and rural areas (RA) 0.2 per cent.

The Consumer Price Index (CPI) measures changes in the general level of prices of consumer goods and services purchased by private households.

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