Date: July 16. 2018
Consumer Price Index- July 2018
The consumer price index for the month of July 2018 increased 1.0%, following the 0.4% increase in June 2018, according to The Statistical Institute of Jamaica (STATIN). The Consumer Price Index for the month amounted to 250.4, relative to the 248.0 reported for June 2018. This increase was largely attributed to the movement in two divisions, ‘Housing Water, Electricity, Gas and Other Fuels’ up by 3.4% and ‘Food and Non-Alcoholic Beverages’ up by 0.9%. Inflation within the Greater Kingston Metropolitan Area and Other Urban Centres each registered an increase in their respective index of 1.0%, while the index for Rural Areas increased by 0.9%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division recorded a 3.4% increase in its index for July 2018, following a 1.2% upward movement for June 2018. This was a result of the groups ‘Electricity, Gas and Other Fuels’ and ‘Water Supply and Miscellaneous Services Related to the Dwelling’ registering increases of 5.8% and 1.6% respectively. According to STATIN, this movement was, “mainly impacted by increases in the rates for electricity, water and sewage.” In addition, the group ‘Maintenance and Repairs of the Dwelling’ went up 0.2% while ‘Rentals for Housing’ reflected an upward moment of 0.1%.
The index for the ‘Food and Non-Alcoholic Beverages’ division also increased with a 0.9% increase in its index for July 2018, following a 0.3% upward movement for June 2018. This resulted from the upward movements within the ‘Food’ and ‘Non Alcoholic Beverages’ groups by 0.9% and 0.2% respectively. Within the ‘Food’ group, the class ‘Vegetables and Starchy Foods’ increased 2.9%. According to STATIN, this was as a result of the, “higher prices for produce such as carrot, cabbage, tomato and yam.” Within the ‘Non-Alcoholic Beverages’ group the classes ‘Mineral Waters, Soft Drinks, Fruit and Vegetable Juices’ and ‘Coffee, Tea, and Cocoa’ both recorded increases of 0.2%.
The index for the ‘Transport’ division recorded a 0.8% increase in its index for July 2018, following a similar increase of 0.8% for June 2018. According to STATIN this was as a result of “increased prices for petrol and its related products.”
The index for the divisions ‘Clothing and Footwear’ and ‘Furnishings, Household Equipment & Routine Household Maintenance’ posted upward movements of 0.2% for July 2018. The increase in the index ‘Clothing and Footwear’ was mainly due to the 0.2% increase in the group ‘Clothing’. The movement in the index ‘Furnishings, Household Equipment & Routine Household’ was as a result of a 0.8% increase the group ‘Household Appliances’ and a 0.2% increase in the group ‘Goods and Services for Routine Household Maintenance’ In addition, other increases of 0.1% were seen for each of the groups ‘Furniture and Furnishings’, ‘Household Textiles’, ‘Glassware, Tableware and Household Utensils’ and ‘Tools and Equipment for House and Garden’.
The division ‘Restaurants and Accommodation Services’ grew 0.2% for July 2018, driven, by, “ an increased in prices for meals consumed away from home”.
The divisions ‘Miscellaneous Goods and Services’, ‘Recreation and Culture’ and ‘Health’ all recorded increases of 0.1% in their indexes for July 2018. According to STATIN, the movement in ‘Miscellaneous Goods and Services’ was as a result of an “increase in the prices of personal care and personal effects products,” while the increase in ‘Recreation and Culture’ was due to “increased prices for stationery items”. The movement in the index ‘Health’ was however impacted by a 0.1% increase in the groups ‘Medical Products, Appliances and Equipment’ and ‘Health Services’
Notably, the other divisions ‘Alcoholic Beverages and Tobacco’, ‘Communication’ and ‘Education’ all recorded a negligible movement for July 2018.
The Inflation rate year to date is 0.7%, while the point-to-point rate (July 2017 – July 2018) and fiscal year 2018/ 2019 was 3.2% and 1.0% respectively. Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (0.9%)
- Alcoholic Beverages and Tobacco: (0.0%)
- Clothing and Footwear: (0.2%)
- Housing, Water, Electricity, gas and Other Fuels: (3.4%)
- Furnishing, Household Equipment and Routine Household Maintenance: (0.2%)
- Health: (0.1%)
- Transport: (0.8%)
- Communication: (0.0%)
- Recreation and Culture: (0.1%)
- Education: (0.0%)
- Restaurants and Accommodation Services: (0.2%)
- Miscellaneous Goods and services: (0.1%)
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