The All-Jamaica Consumer Price Index (CPI) increased by 0.6 per cent for May 2023 according to the latest update provided on Thursday by the Statistical Institute of Jamaica (STATIN).

According to STATIN, this upward movement was influenced mainly by increases in the index for the divisions ‘Housing, Water, Electricity, Gas and Other Fuels’ (1.8 per cent) and ‘Food and Non-Alcoholic Beverages’ (0.7 per cent). The inflation rate was however tempered by a decline of 0.3 per cent in the index for the ‘Transport’ division, due to lower petrol prices.

The increase in the ‘Housing, Water, Electricity Gas and Other Fuels’ division’s index was due largely to higher rates for electricity, which resulted in a 6.3 per cent increase in the index for the group ‘Electricity, Gas and Other Fuels’. This increase, however, was tempered by a fall of 2.0 per cent in the index for the group ‘Water Supply and Miscellaneous Services relating to the dwelling’ due to lower water and sewage rates said STATIN.

For the ‘Food and Non-Alcoholic Beverages’ division, the index for the group ‘Food’ rose by 0.7 per cent and the group ‘Non-Alcoholic Beverages’ increased by 0.8 per cent. Increases were registered in the index for all classes within the group ‘Food’, with the largest contributor ‘Vegetables, tubers, plantains, cooking bananas and pulses’, moving upwards by 1.3 per cent due to higher prices for products such as yam, lettuce, pumpkin and carrot.

The point-to-point inflation rate (May 2022 – May 2023) was 6.1 per cent. This was influenced mainly by the point-to-point inflation rate for the divisions: ‘Food and Non-Alcoholic Beverages’ (10.7 per cent) and ‘Restaurants and Accommodation Services’ (8.6 per cent). Tempering these increases, however, was the decline of 0.7 per cent in the index for the ‘Transport’ division, as well as a fall of 2.3 per cent in the index for the ‘Information and Communication’ division. For the fiscal year- to-date the inflation rate was 0.6 per cent.

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