12-month inflation rate is 6.6 % says STATIN
The inflation rate for the fiscal year that ends March 31 currently stands at 6.6 per cent, while the calendar year–to-date inflation is 0.7 per cent.
This is according to the Statistical Institute of Jamaica (STATIN) in its latest All-Jamaica Consumer Price Index (CPI) Bulletin released on Friday.
According to STATIN, the point-to-point inflation rate (February 2023 – February 2024) was 6.2 per cent. This was influenced mainly by the point-to-point inflation rates for the divisions: ‘Food and Non-Alcoholic Beverages’ (7.7 per cent), ‘Transport’ (9.6 per cent) and ‘Restaurants and Accommodation’ (8.2 per cent).
Meanwhile, STATIN is reporting that the CPI fell by 0.6 per cent for February 2024. This was mainly influenced by the decreases in the index for the divisions ‘Food and Non-Alcoholic Beverages’ (1.1 per cent) and ‘Housing, Water, Electricity, Gas and Other Fuels’ (1.6 per cent).
The decline in the index of the ‘Food and Non-Alcoholic Beverages’ division was due mainly to a fall of 1.2 per cent in the index for the ‘Food’ group. This resulted primarily from a 6.3 per cent fall in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’ due to lower prices for some agricultural produce such as cabbage, carrot, escallion, tomato, sweet potato, and yam.
“The downward movement in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division was largely influenced by lower electricity rates which was resulted in a 4.7 per cent fall in the index for the group ‘Electricity, Gas and Other Fuels,’” said STATIN.
The overall decline in the CPI for February was, however, tempered by an increase of 0.3 per cent in the index for the ‘Transport’ division. The largest contributor to the increase in the division’s index was the group ‘Operation of Personal Transport Equipment’ which had an upward movement of 1.1 per cent in its index due mainly to higher petrol prices.
The CPI measures changes in the general level of prices for consumer goods and services purchased by private households.
