December 18, 2023
The Statistical Institute of Jamaica (STATIN) reported that for November 2023, the point-to-point inflation rate was +6.3%; 1.2 percentage points higher than the prior point-to-point inflation rate. However, for the month of November 2023, the inflation rate was +1.6%, the highest for the calendar year to date.
The main driver of the monthly increase (1.6%) was a 9.9% rise in the index for the ‘Transport’ division, owing to an increase of 19.0% in route taxi and hackney carriage fares. Other contributors to the increase were a 1.0% rise in the index for the ‘Food and Non-Alcoholic Beverages’ division due mainly to increased prices for bread, chicken, and agricultural produce such as tomato, carrot and green banana and a 0.5% increase in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, owing to higher electricity, water, and sewage rates.
The upward movement in All Items (6.3%) between November 2022 and November 2023 was mostly related to increases in the divisions: ‘Food and Non-Alcoholic Beverages’ (7.3%), ‘Transport’ (10.1%), and ‘Restaurants and Accommodation Services’ (13.1%). However, this was tempered by a 0.6% downturn in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, due to the ‘Electricity, Gas and Other Fuels’ group, which declined by 3.4%.
The ‘Food and Non-Alcoholic Beverages’ division had the greatest influence on the November point-to-point increase due to higher costs for items in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class, which increased by 11.3%. The main reason was higher prices for yam, sweet potato, and Irish potato. The index for the subclass ‘Tubers, Plantains, and Cooking Bananas (Starchy Foods)’, climbed by 28.3% as a result of those price increases.
The main factor impacting the index for the ‘Transport’ division was a 19.0% rise in route taxi and hackney carriage fares. The ‘Passenger Transport Services’ group experienced a 16.5% increase.
The index for the ‘Restaurants and Accommodation Services’ division went up because consumers paid more for meals consumed away from home.
MAJOR CPI DIVISION MOVEMENTS
The index for the ‘Food and Non-Alcoholic Beverages’ division increased by 1.0% for November 2023. The movement resulted from increases in both the ‘Food’ group index (1.1%) and the ‘Non-Alcoholic Beverages’ group index (0.5%). The ‘Food’ group index was influenced mainly by a 1.7% increase in the index for the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class owing to higher prices for tomato, carrot, and green banana. Notably, increases were also registered in the classes: ‘Ready-made food and other food products n.e.c’ (3.9%), ‘Fruits and Nuts’ (1.9%), ‘Cereals and cereal products’ (0.7%) and ‘Meats and other parts of slaughtered land animals’ (0.5%). For the ‘Non-Alcoholic Beverages’ group, all classes recorded increases: ‘Water, Soft drinks, and Other non-alcoholic beverages’ (0.5%), ‘Coffee, Tea, Cocoa’ (0.7%), and ‘Fruit and vegetable juices’ (0.2%).
The point-to-point inflation rate for this division was 7.3%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division increased by 0.6% for November 2023. The ‘Alcoholic Beverages’ group index, which rose by 0.6%, was primarily responsible for the increase with prices continuing upwards for all classes: ‘Beer’ (0.7%), ‘Spirits and liquors’ (0.3%) and ‘Wine’ (0.2%).
The point-to-point inflation rate for this division was 6.6%.
The index for the ‘Clothing and Footwear’ division increased by 0.3% for November 2023. The index for both groups in the division increased. The ‘Clothing’ group index increased by 0.3% while the index for the ‘Footwear’ group went up by 0.2%.
The point-to-point inflation rate for this division was 4.5%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division increased by 0.5% for November 2023. This was mostly due to higher electricity rates, which resulted in a 0.9% rise in the index of the ‘Electricity, Gas and Other Fuels’ group. The index for the ‘Water Supply and Miscellaneous Services Related to the Dwelling’ group rose by 1.3%, resulting from higher rates for water and sewage.
The point-to-point inflation rate for this division was -0.6%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division increased by 0.3% for November 2023. Increases were registered for all groups: ‘Goods and Services for Routine Household Maintenance’ (0.3%), Furniture, Furnishings and Loose Carpets (0.4%), ‘Household Appliances’ (0.4%), ‘Household Textiles’ (0.4%), and ‘Tools and Equipment for House and Garden’ (0.1%).
The point-to-point inflation rate was 10.7%.
The index for the ‘Health’ division increased by 0.2% for November 2023. Increases were registered for the groups: ‘Medicines and Health Products’ (0.2%) and ‘Outpatient Care Services’ (0.1%).
The point-to-point inflation rate was 4.4%.
The index for the ‘Transport’ division increased by 9.9% for November 2023. This was mainly impacted by a 16.5% increase in the index for the ‘Passenger Transport Services’ group owing to a 19.0% increase in route taxi and hackney carriage fares. This was tempered by a 1.8% decline in the index for the ‘Operation of Personal Transport Equipment’ group due to reduced petrol prices.
The point-to-point inflation rate was 10.1%.
The index for the ‘Recreation, Sport and Culture’ division increased by 0.2% for November 2023. This movement was mainly impacted by higher prices for stationery supplies in the group ‘Newspapers, Books and Stationery’ (0.2%).
The point-to-point inflation rate was 4.2%.
The index for the division ‘Education’ increased by 0.8% for November 2023. This was mainly due to higher fees for Caribbean Secondary Education Certificate (CSEC) examinations.
The point-to-point inflation rate was 14.2%.
The index for the ‘Personal Care, Social Protection and Miscellaneous Good and Services’ division grew by 0.4% for November 2023. This growth was due mainly to increases in prices for some personal care items such as toilet tissue, toothpaste, lotion, and shampoo.
The point-to-point inflation rate was 4.6%.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (+1.0%)
- Alcoholic Beverages, Tobacco and Narcotics: (+ 0.6%)
- Clothing and Footwear: (+ 0.3%)
- Housing, Water, Electricity, Gas and Other Fuels: (+0.5%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+ 0.3%)
- Health: (+ 0.2%)
- Transport: (+9.9%)
- Information and Communication: (0.0%)
- Recreation, Sport and Culture: (+ 0.2%)
- Education: (+0.8%)
- Restaurants and Accommodation Services: (0.0%)
- Insurance and Financial Services (0.0%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+ 0.4%)
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