Food price slump pushes Jamaica’s inflation lower in February
KINGSTON, Jamaica — Consumer prices in Jamaica fell in February as a sharp drop in vegetable prices pushed down food costs, offering temporary relief to households even as annual inflation remained within the central bank’s target range.
Data released by the Statistical Institute of Jamaica (STATIN) showed the All-Jamaica Consumer Price Index declined 0.9 per cent in February, driven mainly by a fall in prices in the food and non-alcoholic beverages division.
Food prices dropped 2.5 per cent during the month, reflecting an 11.3 per cent decline in the cost of vegetables, tubers, plantains, cooking bananas and pulses as supplies increased in domestic markets.
STATIN said the fall was largely due to lower prices for items such as cabbage, carrot, cucumber, sweet pepper and tomato.
The drop in food prices outweighed increases in other categories, including housing, water, electricity, gas and other fuels, which rose 0.2 per cent, and transport, which also increased 0.2 per cent, partly reflecting higher electricity and petrol prices.
Despite the monthly decline, inflation remained positive on an annual basis, with consumer prices rising 3.9 per cent in February compared with the same month last year.
The increase was driven primarily by higher costs in food and non-alcoholic beverages, which recorded 5.1 per cent annual inflation, followed by housing, water, electricity, gas and other fuels at five per cent, and personal care, social protection and miscellaneous goods and services at 4.1 per cent.
The annual inflation rate remains within the four to six per cent target range set for the Bank of Jamaica.