Higher rates for electricity, water and sewage main inflation drivers
Inflation in Jamaica rose 1.5 per cent for the month of October based on the latest All-Jamaica Consumer Price Index (CPI).
This upward movement was largely the result of increases in the index for the divisions ‘Housing, Water, Electricity, Gas and Other Fuels’ (3.4%) and ‘Food and Non-Alcoholic Beverages’ (2.0%).
The Statistical Institute of Jamaica (STATIN), which measures the CPI, states that “the rise in the ‘Housing, Water, Electricity, Gas and Other Fuels’ division was due mainly to higher rates for electricity, water and sewage”.
This resulted in the index for the groups ‘Electricity, Gas and Other Fuels’ and ‘Water Supply and Miscellaneous Services related to the Dwelling’, increasing by 8.8 per cent and 1.2 per cent, respectively.
In the ‘Food and Non-Alcoholic Beverages’ division, the index for the group ‘Food’ moved upwards by 2.1 per cent.
Point-to-point inflation nearing 10%
This increase, according to STATIN, was mainly impacted by higher costs for some agriculture products; namely, tomato, cabbage, carrot and sweet pepper, which led to a 7.1 per cent rise in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’. For October 2022, the overall rate of inflation was moderated by a decline in the index for the ‘Transport’ division of 0.3 per cent, due to a decrease in petrol prices for the period.
The point-to-point inflation rate (October 2021 – October 2022) was 9.9 per cent. This was influenced mainly by the inflation rate for the divisions ‘Food and Non-Alcoholic Beverages’ (10.1%), ‘Housing, Water, Electricity, Gas and Other Fuels’ (12.7%) and ‘Restaurants and Accommodations Services’ (20.6%).
For the fiscal year-to-date, the inflation rate was 5.8 per cent. The CPI measures changes in the general level of prices for consumer goods and services purchased by private households.
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