December 17, 2024
The Statistical Institute of Jamaica (STATIN) reported that for November 2024, the point-to-point inflation rate was +4.3%; 0.6 percentage points lower than the 4.9% recorded between October 2023 and October 2024. Compared to October 2024, The All-Jamaica Consumer Price Index (CPI) for November 2024 increased to 141.9, reflecting a 1.0% inflation rate.
The main driver of the monthly increase (+1.0%) was a 2.1% rise in the index for the ‘Food and Non-Alcoholic Beverages’ division, driven by higher prices for agricultural produce due to lower supply following heavy rains from Tropical Storm Rafael. As such, the index of the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’ increased by 5.7%. Additionally, the index for the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division increased by 0.4%, primarily due to an increase in electricity rates. Also, there was a 1.1% rise in the index for the ‘Education’ division, due to increased fees for Caribbean Secondary Education Certificate (CSEC) examinations.
The movement in the All-Jamaica point-to-point inflation rate to 4.3% as at November 2024, was primarily influenced by increases in the following divisions: ‘Food and Non-Alcoholic Beverages’, ‘Restaurants and Accommodation Services’ and ‘Housing, Water, Electricity, Gas and Other Fuels’.
The rise in the index for the ‘Food and Non-Alcoholic Beverages’ division was driven by a 6.4% increase. Key contributors to this increase were higher prices for ripe bananas, oranges, watermelon, and dried coconuts, which significantly impacted the ‘Fruits and Nuts’ class (21.7%). Additionally, the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class (9.9%) saw an upward trend due to increased prices for items such as Irish potatoes, carrots, yam, green bananas, and cabbages.
In the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, the index increased by 3.4%, driven by a 6.2% rise in the ‘Imputed Rentals for Housing’ group and a 4.1% increase in the ‘Maintenance, Repair, and Security of the Dwelling’ group. These increases were mainly due to higher household rent and paint prices.
The ‘Restaurants and Accommodation Services’ division experienced a 3.9% increase, primarily impacted by higher prices for meals from fast food restaurants and cookshops.
MAJOR CPI DIVISION MOVEMENTS
The index of the ‘Food and Non-Alcoholic Beverages’ division rose by 2.1%. Within this division, the ‘Food’ group index increased by 2.2%, mainly due to higher prices in the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ (5.7%) and ‘Fruits and nuts’ (5.5%) classes, driven by costlier ripe bananas, watermelon, sweet potatoes, tomatoes, carrots, and cabbages. Additionally, there were slight increases in the ‘Cereals and cereal products’ (0.4%) and ‘Meat and other parts of slaughtered land animal’ (0.6%) classes, due to higher prices for breakfast cereals, instant oats, turkey neck, chicken, and chicken parts. The ‘Non-Alcoholic Beverages’ group index went up by 0.3%, with the ‘Fruit and vegetable juices’ and ‘Coffee, Tea, Cocoa’ classes each rising by 0.2%, and the ‘Water, Soft drinks and Other non-alcoholic beverages’ class increasing by 0.3%.
The point-to-point inflation rate for this division was 6.4%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division rose by 0.3%. The increase was primarily driven by a 0.3% increase in the index of the ‘Alcoholic Beverages’ group due to increased prices for white rums, wines, and beers. The index of the ‘Tobacco’ group also increased by 0.3%.
The point-to-point inflation rate for this division was 6.4%.
The index for the ‘Clothing and Footwear’ division increased by 0.5%. There was a 0.6% rise in the index of the ‘Clothing’ group, while the ‘Footwear’ group saw a 0.3% increase in its index.
The point-to-point inflation rate for this division was 3.2%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division rose by 0.4%, primarily due to a 3.0% increase in the ‘Electricity, Gas, and Other Fuels’ group, driven by higher electricity rates. However, this increase was tempered by a 5.0% decline in the ‘Water Supply and Miscellaneous Services Relating to the Dwelling’ group due to reduced water and sewage rates.
The point-to-point inflation rate for this division was 3.4%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division rose by 0.2%, largely due to a 0.2% increase in the index of the ‘Goods and Services for Routine Household Maintenance’ group owing to higher prices for detergents and other household cleaning products. Additionally, there were increases in the index of the groups: ‘Furniture, Furnishings and Loose Carpets’ (0.4%), ‘Household Textiles’ (0.2%), and ‘Household Appliances’ (0.1%).
The point-to-point inflation rate was 5.0%.
The index for the ‘Health’ division increased by 0.4%, primarily due to a 0.3% rise in the ‘Medicines and Health Products’ group, driven by higher prices for over-the-counter pain and cold medicines. Additionally, the ‘Outpatient Care Services’ group saw a 0.4% increase due to higher fees charged by general practitioners, and the ‘Other Health Services’ group rose by 1.0%, impacted by increased fees for medical tests.
The point-to-point inflation rate was 4.5%.
The index for the ‘Transport’ division decreased by 0.1%, primarily due to a 0.7% decline in the ‘Operation of Personal Transport Equipment’ group. This decline was driven by a 1.0% drop in the ‘Fuels and Lubricants for personal transport equipment’ class, resulting from lower petrol prices.
The point-to-point inflation rate was -0.9%.
The index for ‘Recreation, Sport and Culture’ division rose by 0.1%, primarily due to a 0.2% increase in the ‘Newspapers, Books and Stationery’ group, driven by higher prices for stationery items.
The point-to-point inflation rate was 4.5%.
The index for ‘Education’ division increased by 1.1%. This was due to higher fees for Caribbean Secondary Education Certificate (CSEC) examinations.
The point-to-point inflation rate was 9.8%.
The index for ‘Restaurants and Accommodation Services’ division increased by 0.2%. This was influenced primarily by higher prices for meals purchased at cookshops.
The point-to-point inflation rate was 3.9%.
The index for the ‘Personal Care, Social Protection and Miscellaneous Good and Services’ division rose by 0.3%. This was primarily driven by increased prices for some personal care products and services.
The point-to-point inflation rate was 3.3%.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (+2.1%)
- Alcoholic Beverages, Tobacco and Narcotics: (+0.3%)
- Clothing and Footwear: (+0.5%)
- Housing, Water, Electricity, Gas and Other Fuels: (+0.4%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+0.2%)
- Health: (+0.4%)
- Transport: (-0.1%)
- Information and Communication: (0.0%)
- Recreation, Sport, and Culture: (+0.1%)
- Education: (+1.1%)
- Restaurants and Accommodation Services: (+0.2%)
- Insurance and Financial Services (0.0%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+0.3%)
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