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HEADLINE:   Monthly Inflation of 0.5% for May 2012

The May 2012 monthly inflation is 0.5 percent, an increase when compared with the inflation rate of 0.4 percent in April 2012. The calendar year-to-date inflation rate was 2.6 percent. This fiscal year to date movement was 0.9 percent while the point-to-point inflation rate (April 2011 - April 2012) was 6.9 percent.
The divisions: “Housing, Water, Electricity, Gas and Other Fuels” (1.4%), “Clothing and Footwear” (0.8%) and “Food and Non-alcoholic Beverages” (0.5%) recorded the largest increases during the month. Two groups from the “Housing, Water, Electricity, Gas and Other Fuels” division recorded increases; “Electricity, Gas and Other Fuels” gained 2.4% driven by a rise in electricity cost while “Maintenance and Repair of the Dwelling” rose by 0.2%.  The “Communication,” “Recreation and Culture” and “Education” divisions saw no movement for the month while the “Transport” division saw a decline of 0.2% mainly due to a marginal decrease in the cost of petrol in May.

The 0.5 percent monthly increase, represents the change in the Consumer Price Index from 181.9 (April 2012) to 182.8 (May 2012).
At a special press briefing yesterday, the Bank of Jamaica announced its inflation rate forecast for the April-June quarter to be in the range of 3.0 percent to 5.0 percent.  
The divisions saw the following changes:

· Food and Non-Alcoholic Beverages        0.5%
· Alcoholic Beverages and Tobacco           0.2%
· Clothing and Footwear      0.8%
· Housing, Water, Electricity, Gas and Other Fuels     1.4%
· Furnishings, Household Equipment and Routine Household Maintenance  0.5%
· Health       0.3%
· Transport   -0.2%
· Communication      0.0%
· Recreation and Culture    0.0%
· Education   0.0%
· Restaurants and Accommodation Services      0.2%
· Miscellaneous Goods and Services       0.3%

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