April 25, 2022
According to STATIN (The Statistical Institute of Jamaica), the Consumer Price Index for March 2022 was 120.5, up 1.9 per cent from February 2022 which closed at 118.6 The upward movement was primarily attributable to a 1.9 per cent increase in the index of the heaviest weighted division ‘Food and Non-Alcoholic Beverage.’ Both sub-divisions within that index, registered increases. 2.0 per cent and 0.6 per cent respectively. The ‘Food’ index was mainly impacted by higher prices for vegetables like tomato, cabbage, onion and sweet pepper, the catalyst for a 5.3 per cent rise in the ‘Vegetables, Tubers, Plantains, Cooking Bananas and Pulses’ sub-division. While the index for the sub-division ‘Non-Alcoholic Beverages’ was influenced by the index for ‘Coffee, Tea and Cocoa’ rising by 0.8 per cent, ‘Water, Soft drinks, and Other non-alcoholic beverages’ rising by 0.7 per cent and ‘Fruit and Vegetable Juices’ rising by 0.5 per cent. The inflation rate was also impacted by a 9.6 per cent increase in the index for the sub-division ‘Electricity, Gas and Other Fuels’ – due largely to higher rates for electricity. The Consumer Price Index was however tempered by a 1.0 per cent fall in March for the index for the sub-division ‘Water Supply and Miscellaneous Services to the Dwelling’, due to a reduction in the rates for water and sewage. This was the only index to decline during the month of March 2022.
The point-to-point inflation rate was 11.3 per cent and the fiscal year-to date inflation rate was 11.9 per cent on March 31, 2022. Additionally, The Greater Kingston Metropolitan Area experienced general price growth of 1.4% the Rural Areas experienced general price 1.5% while ‘Other Urban Centers’ saw general price growth of 1.9%.
Major CPI Division Movements
The index for the ‘Food and Non-Alcoholic Beverages’ division rose by 1.9 per cent for March 2022. The 2.0 per cent increase in the index for the group ‘Food’ was the main contributing factor. Higher prices for some agricultural produce, namely tomato, cabbage and onion resulted in the 5.3 per cent increase in the index for the sub-division ‘Vegetables, Tubers, Plantains, Cooking Bananas and Pulses’. The other classes contributing to the upward movement for this group were: ‘Fruits and Nuts’ which rose by 2.4%, ‘Meat and other parts of slaughtered land animals’ (1.5%), ‘Milk, Other Dairy Products and Eggs’ (1.1%), ‘Oils and Fat’ (0.9%), ‘Fish and Seafood’ (0.8%) and ‘Cereals and Cereal Products’ (0.6%). The index for the ‘Non-Alcoholic Beverages’ division was 0.6 per cent higher than in February 2022. All classes within this index registered increases with ‘Coffee, Tea and Cocoa’ up by 0.8 per cent, ‘Water, Soft drinks, and Other Non-alcoholic Beverages’ up 0.7 per cent and ‘Fruit and Vegetable Juices’ up 0.5 per cent. The point-to-point inflation rate for this division was 14.7 per cent in March 2022, while the fiscal year inflation rate was 14.1 per cent.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division rose by 3.9 per cent, the largest increase among all the divisions for March 2022. The upwards movement was influenced mainly by the 9.6 per cent increase in the index for the group ‘Electricity, Gas and Other Fuels’, because of higher electricity rates charged by JPS during the period. Increases were also recorded in the index for the groups: ‘Actual Rentals for Housing’ (2.4 %), ‘Imputed Rentals for Housing’ (0.5 %) and ‘Maintenance and Repair of the Dwelling’(0.3%). However, these increases were offset by the 1.0 per cent decline in the index for the group ‘Water Supplies and Miscellaneous Services related to the Dwelling’, which was due to a reduction in the rates for water and sewage. For this division, the point-to-point inflation rate was 9.6 per cent, while the fiscal year inflation was 14.2 per cent for the review period.
The index for the ‘Alcoholic Beverages, Tobacco & Narcotics’ division increased by 0.6 per cent during the month of March. The ‘Alcoholic Beverages’ sub-division had a 0.9 per cent increase in its index as the price for ‘Beer’ continued to move upwards. Additionally, ‘Spirits & Liquors’ and ‘Wine’ all saw marginal increases. The point-to-point inflation rate was 6.6 per cent at March 31, 2022, while the fiscal year inflation rate was 6.3 per cent.
The index for the ‘Health’ division increased by 0.5 per cent due primarily to the increase in the index for the sub-division, ‘Medicines and Health Products’ of 0.4 per cent. The point-to-point inflation rate was 4.2 per cent at March 31, 2022, while the fiscal year inflation rate was 3.8 per cent for this division.
The index for the ‘Transport’ division increased by 0.6 per cent for the period under review. This was mainly impacted by the rise in petrol prices. The point-to-point inflation rate was 14.3 per cent, while the fiscal year inflation rate was 13.9 per cent.
The ‘Recreation, Sport and Culture’ index had an increase of 0.7 per cent in its index for March 2022. This movement was impacted mainly by the 0.8 per cent increase for the sub-division ‘Newspapers, Books and Stationery’ due to higher prices for newspaper and stationery items. For this division, the point-to-point inflation rate was 6.0 per cent as at March 2022 and the fiscal year inflation rate was 5.8 per cent.
The index for the ‘Restaurants and Accommodation Services’ division increased by 0.1 per cent for March 2022. Higher prices for some meals consumed away from home were the main contributors to this increase. For this division, the point-to-point inflation rate was 20.3 per cent as at March 31, 2022 and the fiscal year inflation rate was 20.2 per cent.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division increased by 0.6 per cent. The main contributors to this increase were the groups, ‘Goods and Services for Routine Household Maintenance’ which increased by 0.6 per cent and ‘Household Textiles’, which rose by 0.7 per cent. For this division, the point-to-point inflation rate was 6.1 per cent as at March 31, 2022 and the fiscal year inflation rate was 5.8 per cent.
The index for the division ‘Personal Care, Social Protection and Miscellaneous Good and Services’ increased by 0.5 per cent for the period under review. This was due primarily to increased prices for some personal care products and services. For this division, the point-to-point inflation rate was 5.5 per cent as at March 31, 2022 and the fiscal year inflation rate +0.5% was 5.2 per cent.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (+ 1.9 %)
- Alcoholic Beverages, Tobacco and Narcotics: (+ 0.6 %)
- Clothing and Footwear: (+ 0.6 %)
- Housing, Water, Electricity, Gas and Other Fuels: (+ 3.9 %)
- Furnishing, Household Equipment and Routine Household Maintenance: (+ 0.6 %)
- Health: (+ 0.5 %)
- Transport: (+ 0.6 %)
- Information and Communication: (0.0%)
- Recreation, Sport and Culture: (+ 0.7 %)
- Education: (0.0 %)
- Restaurants and Accommodation Services: (+ 0.1 %)
- Insurance and Financial Services (0.0 %)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+ 0.5 %)
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