Inflation increased by 0.8 per cent in October
THE All-Jamaica Consumer Price Index (CPI) increased from 132.9 to 133.9 in October, resulting in an inflation rate of 0.8 per cent.
This upward movement was influenced mainly by an increase of 1.7 per cent in the index for the division, ‘Housing, Water, Electricity, Gas and Other Fuels’, according to the Statistical Institute of Jamaica (Statin).
Statin said the increase in the division’s index was mainly attributed to higher rates for electricity, water, and sewage, which resulted in increases in the group’s ‘Electricity, Gas and Other Fuels’ (4.1 per cent) and ‘Water Supply and Miscellaneous Services related to the Dwelling’ (1.2 per cent).
The index for the division ‘Food and Non-Alcoholic Beverages’ moved up by 0.7 per cent due to a similar 0.7 per cent increase in the index for the group ‘Food’. This increase was mainly due to higher prices for some agricultural products, namely Irish potatoes, sweet potatoes, and carrots. Additionally, the index for the ‘Restaurants and Accommodation Services’ division increased by 2.1 per cent, resulting mainly from an increase in the group ‘Food and Beverage Serving Services’.
According to Statin, the inflation rate for October 2023 was tempered by a decline of 0.1 per cent in the index for the ‘Transport’ division due to lower petrol prices.
“The point-to-point inflation rate (October 2022 – October 2023) was 5.1 per cent. This was influenced mainly by higher prices for items within the following three divisions: ‘Food and Non- Alcoholic Beverages’ (8.3 per cent), ‘Restaurants and Accommodations Services’ (13.1 per cent) and ‘Furnishings, Household Equipment and Routine Household Maintenance’ (10.8 per cent).
“Moderating these divisional increases was a fall of 3.5 per cent in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division. For the fiscal year-to-date, the inflation rate was 5.1 per cent,” said a Statin release.
The Consumer Price Index (CPI) measures changes in the general level of prices for consumer goods and services purchased by private households. The October 2023 Consumer Price Index Bulletin outlines additional information and may be obtained from the Statin website at https://www.statinja.gov.jm.
