January 16, 2024
The Statistical Institute of Jamaica (STATIN) reported that as at December 2024, the point-to-point inflation rate was +5.0%; 0.7 percentage points higher than the 4.3% recorded between November 2023 and November 2024. Compared to November 2024, The All-Jamaica Consumer Price Index (CPI) increased by 1.2% for December 2024.
The main driver of the monthly increase (+1.2%) was a 1.9% rise in the index for the ‘Food and Non-Alcoholic Beverages’ division, primarily due to a 5.5% increase in the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class. Notably, price increases were seen across all classes in this division, especially for sweet peppers, sweet potatoes, tomatoes, cabbage, and eggs. Additionally, the index for the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division increased by 2.4%, being the second largest contributor to the overall monthly inflation rate, owing to higher household rental costs and electricity rates. However, these increases were partially offset by a 0.3% fall in the index for the ‘Transport’ division, which was mainly attributable to lower petrol prices.
The All-Jamaica point-to-point inflation rate for the period December 2023 to December 2024 was 5.0%. The main contributors to this overall movement were the ‘Food and Non-Alcoholic Beverages’, ‘Housing, Water, Electricity, Gas and Other Fuels’, and ‘Restaurants and Accommodation Services’ divisions.
The index for the ‘Food and Non-Alcoholic Beverages’ division increased by 8.1%, primarily driven by a 22.3% rise in the ‘Fruits and Nuts’ class and a 17.2% increase in the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class. Notable price increases were recorded for ripe bananas, oranges, watermelon, and dried coconuts within the ‘Fruits and Nuts’ class, while higher prices for plantains, carrots, yellow yam, green bananas, and tomatoes influenced the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class.
In the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, the index rose by 3.2%, mainly due to a 5.1% increase in the ‘Imputed Rentals for Housing’ group and a 1.8% rise in the ‘Electricity, Gas and Other Fuels’ group, driven by higher household rent and electricity rates.
The ‘Restaurants and Accommodation Services’ division saw a 4.0% increase, primarily impacted by a 4.0% rise in the ‘Food and Beverage Serving Services’ group due to higher prices for food purchased from fast food restaurants and cookshops.
MAJOR CPI DIVISION MOVEMENTS
The index of the ‘Food and Non-Alcoholic Beverages’ division rose by 1.9%, with the ‘Food’ group increasing by 2.0% and the ‘Non-Alcoholic Beverages’ group by 0.3%. The ‘Food’ group’s rise was mainly due to a 5.5% increase in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ category, driven by higher prices for items like cabbages, plantains, sweet peppers, tomatoes, and sweet potatoes. Other notable increases included a 0.7% rise in ‘Meat and other parts of slaughtered land animals’ due to higher prices for chicken and mutton, a 0.9% increase in ‘Milk, other dairy products, and eggs’ due to higher egg prices, and a 2.3% rise in ‘Fruits and nuts’ influenced by higher prices for ackee, watermelon, pineapples, and ripe bananas. The ‘Non-Alcoholic Beverages’ group’s increase was primarily due to a 0.4% rise in the ‘Water, Soft drinks, and Other non-alcoholic beverages’ category.
The point-to-point inflation rate for this division was 8.1%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division rose by 0.2%. The increase was primarily driven by a 0.3% increase in the index of the ‘Alcoholic Beverages’ group due to increased prices for rum.
The point-to-point inflation rate for this division was 6.3%.
The index for the ‘Clothing and Footwear’ division increased by 0.2%. There was a 0.1% rise in the index of the ‘Clothing’ group, while the ‘Footwear’ group saw a 0.2% increase in its index.
The point-to-point inflation rate for this division was 3.1%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division rose by 2.4%. This was mainly driven by higher household rental rates, leading to a 2.9% increase in the index for the ‘Imputed Rentals for Housing’ group. Additionally, a 3.0% rise in the index for the ‘Electricity, Gas, and Other Fuels’ group, due to higher electricity rates, also contributed to the inflation rate for the division.
The point-to-point inflation rate for this division was 3.2%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division rose by 0.2%. The largest movement, 0.3%, was recorded in the indices for both the ‘Furniture, Furnishings and Loose Carpets’ and ‘Household Textiles’ groups. Additionally, the indices for the ‘Goods and Services for Routine Household Maintenance’, ‘Household Appliances’, and ‘Tools and Equipment for House and Garden’ groups each rose by 0.1%.
The point-to-point inflation rate was 4.9%.
The index for the ‘Health’ division increased by 0.2%, primarily due to a 0.2% rise in the ‘Medicines and Health Products’ group, driven by higher prices for over the counter and prescription drugs. Additionally, the ‘Outpatient Care Services’ group saw a 0.4% increase due to higher fees charged by general practitioners.
The point-to-point inflation rate was 4.5%.
The index for the ‘Transport’ division decreased by 0.3%. This decline was driven by a 1.8% drop in the ‘Fuels and Lubricants for personal transport equipment’ class, resulting from lower petrol prices.
The point-to-point inflation rate was -0.7%.
The index for ‘Recreation, Sport and Culture’ division rose by 0.1%. This increase was driven by a 0.3% rise in the index for the ‘Garden Products and Pets’ group and a 0.1% rise in the index for the ‘Newspapers, Books and Stationery’ group.
The point-to-point inflation rate was 4.5%.
The index for ‘Restaurants and Accommodation Services’ division increased by 0.1%. This was influenced primarily by higher prices for meals purchased from street vendors and cookshops.
The point-to-point inflation rate was 4.0%.
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 including haircuts, manicures and deodorants.
The point-to-point inflation rate was 3.4%.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (+1.9%)
- Alcoholic Beverages, Tobacco and Narcotics: (+0.2%)
- Clothing and Footwear: (+0.2%)
- Housing, Water, Electricity, Gas and Other Fuels: (+2.4%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+0.2%)
- Health: (+0.2%)
- Transport: (-0.3%)
- Recreation, Sport, and Culture: (+0.1%) Restaurants and Accommodation Services: (+0.1%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+0.3%)
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