Jamaica’s inflation rate has slowed to less than 1.0 per cent per month, with the latest out-turn for October 2023 showing a growth rate of just 0.8 per cent for the month.

The All-Jamaica Consumer Price Index (CPI) for October 2023 increased from 132.9 to 133.9. Inflation during the previous month of September grew by 0.5 per cent, resulting in the CPI moving from 132.2 to 132.9.

The CPI measures changes in the general level of prices for consumer goods and services purchased by private households. The upward movement for last month was influenced mainly by an increase of 1.7 per cent in the index for ‘Housing, Water, Electricity, Gas and Other Fuels’.

The increase in the category index was mainly attributed to higher rates for electricity, water and sewage, which resulted in increases in the groups, ‘Electricity, Gas and Other Fuels’ (4.1%) and ‘Water Supply and Miscellaneous Services related to the Dwelling’ (1.2%).

Upward movement in food and non-alcoholic beverages

The index for the category ‘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’ category increased by 2.1 per cent, resulting mainly from an increase in ‘Food and Beverage Serving Services’. The inflation rate for October was tempered by a decline of 0.1 per cent in the index for the ‘Transport’ category 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 categories: ‘Food and Non-Alcoholic Beverages’ (8.3%), ‘Restaurants and Accommodations Services’ (13.1%) and ‘Furnishings, Household Equipment and Routine Household Maintenance’ (10.8%).

Moderating these divisional increases was a fall of 3.5 per cent in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ category. For the fiscal year- to-date, the inflation rate was 5.1 per cent.