KINGSTON, Jamaica – The Statistical Institute of Jamaica (STATIN), is reporting that the inflation rate for November 2023 was 1.6 per cent, the highest for the calendar year -to- date, as the All Jamaica Consumer Price Index (CPI) rose from 133.9 to 136.0.

“This upward movement was influenced mainly by a 9.9 per cent increase in the index for the ‘transport’ division, where there was a 19.0 per cent increase in route taxi and hackney carriage fares,” STATIN said.

The institute said the inflation rate was also impacted by a 1.0 per cent increase in the index for the ‘food and non-alcoholic beverages’ division. Higher prices for bread, chicken, and agricultural produce such as tomato, carrot and green banana were the main contributors to this increase.

Additionally, the index for the ‘housing, water, electricity, gas and other fuels’ division rose 0.5 per cent. This was mainly attributed to an increase in the rates for electricity, which resulted in a 0.9 per cent rise in the index for the group ‘electricity, gas and other fuels’. The index for the group ‘water supply and miscellaneous services relating to the dwelling’ increased by 1.3 per cent as a result of higher sewage and water rates.

Meanwhile, STATIN said the point-to-point inflation rate (November 2022 to November 2023) was 6.3 per cent. This was influenced mainly by the point-to-point inflation rate for the divisions: ‘food and non-alcoholic beverages’ (7.3 per cent), ‘transport’ (10.1 per cent) and ‘restaurants and accommodation services’ (13.1 per cent). The fiscal year- to-date the inflation rate was 6.7 per cent.

The CPI measures changes in the general level of prices for consumer goods and services purchased by private households.