The inflation rate for the month October 2017 was 0.4%, following an upward movement of 0.7% in September 2017. The movement was attributed mainly to the ‘Housing, Water, Electricity, Gas and Other Fuels’ division which recorded an increase of 1.7%. According to the Statistical Institute of Jamaica (STATIN), the movement was traced to a 2.2% increase in the group ‘Electricity, Gas and Other Fuels’. The group ‘Water, Supply and Miscellaneous Services Related to the Dwelling’ posted a 2.7% increase as a result of higher water and sewage rates. The division which recorded the second highest movement was ‘Alcoholic Beverages and Tobacco’ with a 0.7% increase for the month.
The ‘Food and Non-Alcoholic Beverages’ division rose 0.3% driven mainly by increased prices for ‘Vegetables and Starchy Foods’. Notably, October’s inflation rate was tempered by lower prices for some petroleum products which resulted in a 0.2% fall in the ‘Transport’ division. Furthermore, STATIN noted, “all three regions recorded increases for October 2017: The index for Greater Kingston Metropolitan Area rose by 0.4%, Other Urban Areas by 0.4% and Rural Areas up by 0.3%.”
The Inflation rate year to date is 4.0%, while the point-to-point rate (October 2016 – October 2017) and fiscal year 2016/ 2017 was 4.7% and 3.0% respectively. Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (0.3%)
- Alcoholic Beverages and Tobacco: (0.7%)
- Clothing and Footwear: (0.1%)
- Housing, Water, Electricity, gas and Other Fuels: (1.7%)
- Furnishing, Household Equipment and Routine Household Maintenance: (0.2%)
- Health: (0.2%)
- Transport: (-0.2%)
- Communication: (0.0%)
- Education: (0.0%)
- Restaurants and Accommodation Services: (0.1%)
- Miscellaneous Goods and services: (0.1%)
- Recreation and Culture: (0.2%)
