Sunday 29 March, 2020

March inflation rate at 0.8 per cent

The country recorded an inflation rate of 0.8 per cent in March according to the Consumer Price Index (CPI) Bulletin released on Tuesday by the Statistical Institute of Jamaica (STATIN).

This movement was mainly attributable to a 0.9 per cent increase in the index for the division ‘Food and Non-Alcoholic Beverages’.

“Influencing this movement were higher prices for vegetables such as sweet pepper, cabbage and carrot which resulted in the index for the class ‘Vegetables and Starchy Foods’ moving up by 3.0 per cent,” the Institute said.

Additionally, the overall movement in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’ increased by 1.5 per cent due to higher electricity rates, which reflected in a 2.7 per cent rise in the index for the group ‘Electricity, Gas and Other Fuels’. Also contributing to March’s inflation rate was an increase of 1.1 per cent in the index for the ‘Transport’ division. This was mainly attributable to the rise in petrol prices.

For the period under review, the calendar year-to-date inflation rate was 0.7 per cent while for fiscal year 2018/2019 the inflation rate was 3.4 per cent.

A breakdown of the figures for March 2019, showed increased movements in all three regions. The index for Greater Kingston Metropolitan Area (GKMA) moved up by 1.0 per cent, Other Urban Centres (OUC) was up by 1.0 per cent and Rural Areas (RA) moved up by 0.6 per cent.

The CPI measures changes in the general level of prices of consumer goods and services purchased by private households.

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