Inflation 1.1% For July

 

 

 

Inflation for July was 1.1 percent, with increased prices for vegetable and starchy foods being a major contributor.

The All Jamaica Consumer Price Index recorded an inflation rate of 1.1 per cent in July 2019 according to the Consumer Price Index (CPI) Bulletin – July 2019 released Thursday, August 15, by the Statistical Institute of Jamaica (STATIN).

STATIN said this movement was mainly as a result of a 2.4 per cent increase in the index for the heavily weighted ‘Food and Non-Alcoholic Beverages’ division. For the group ‘Food’ the class ‘Vegetables and Starchy Foods’ advanced by 7.9 per cent, reflecting higher prices for produce such as carrots, cabbage, lettuce, onions, tomatoes and yams. The division ‘Transport’ moved up by 0.7 per cent due to higher cost for petrol and air travel.

The overall movement in the index for ‘Housing, Water, Electricity, Gas, and Other Fuels’ division declined by 1.4 per cent. Increased rates for water and sewage were tempered by the fall in electricity rates. The index for the group ‘Electricity, Gas, and Other Fuels’ showed a decline of 3.5 per cent.

For the period under review the calendar year-to-date movement was 2.5 per cent, the point-to-point inflation 4.3 per cent. That is in the range set by the Bank of Jamaica.

Inflation for the fiscal year-to-date is 1.8 per cent.

The Consumer Price Index (CPI) measures changes in the general level of prices of consumer goods and services purchased by private households.

 

Franklin McKnight

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