Jamaica’s inflation rate, which is measured by the All-Jamaica Consumer Price Index (CPI), recorded an increase of 0.5 per cent for February 2023.
The Statistical Institute of Jamaica (STATIN), in its latest analysis of inflation data yesterday (March 15), noted that the increase in the index was influenced by a 2.7 per cent increase in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels.’
The increase in ‘Housing, Water, Electricity, Gas and Other Fuels’ was attributed to higher electricity rates which resulted in a 7.4 per cent rise in the index for the group.
For ‘Food and Non-Alcholic Beverages’, there was a negligible decline as prices continued to fall for items within the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’, by 2.4 per cent.
This was, however, at a slower rate when compared to the (-5. per cent) that was recorded for the
the previous month of January 2023.
The point-to-point inflation rate as of February 2023 was 7.8 per cent.
This was influenced mainly by the point-to-point inflation rate for the divisions: ‘Food and Non-Alcoholic Beverages’ (11.3 per cent), Restaurants and Accommodations Services’ (15.6 per cent) and ‘Housing, Water, Electricity, Gas and Other Fuels’ (3.7 per cent).
The CPI measures changes in the general level of prices for consumer goods and services purchased by private households.