There is good news for Jamaican consumers today, as the country recorded deflation for April 2023, which should provide some impetus for the local economy.
The Planning Institute of Jamaica (PIOJ), in its quarterly news briefing on May 30, disclosed that deflation of 0.4 per cent was recorded for April 2023.
This was largely reflected in lower prices for ‘Housing, Water, Electricity, Gas and Other Fuels’, down 4.2 per cent due to lower rates for electricity, and ‘Transport’, down 0.1 per cent, due to lower prices for domestic fuel.
For the January–March quarter, inflation was flat at 0.0 per cent, largely reflected the impact of lower food and energy prices, counter-balanced by higher prices for restaurants & accommodation services.
The PIOJ reported that lower price indices were recorded for the Food and Non-Alcoholic Beverages division (down 0.1 per cent), reflecting lower prices for vegetables and Housing, Water, Electricity, Gas and Other Fuels (down 1.6 per cent), reflecting a reduction in electricity, gas and other fuels.
Higher prices were recorded for ‘Restaurants and Accommodation Services’, up 2.5 per cent, reflecting higher prices for meals consumed away from home.