Jamaica’s inflation rate is continuing its downward trend, with the rate for April 2024 falling 0.7 per cent.
This has pushed the point-to-point inflation rate (April 2023 – April 2024) to 5.3 per cent. This is 0.3 percentage points lower than the inflation rate for the period March 2023 to March 2024.
This is according to the Statistical Institute of Jamaica (STATIN) in its latest All Jamaica Consumer Price Index (CPI) Bulletin released on Wednesday.
STATIN said the main contributors were the divisions; ‘Food and Non-Alcoholic Beverages’ (5.3%), ‘Transport’ (9.5%) and ‘Housing, Water, Electricity, Gas and Other Fuels’ (5.0%).
For the calendar year-to-date, the inflation rate was -1.8 per cent.
Meanwhile, the decrease of 0.7 per cent in the CPI for April saw the index moving to 134.2 from 135.1 in March.
This downward movement in the CPI for April was due mainly to a 2.3 per cent decline in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division as a result of lower electricity, water and sewage rates.
Also contributing to the fall in the inflation rate was a 0.6 per cent fall in the index for the division, ‘Food and Non-Alcoholic Beverages’.
The index for the ‘Food’ group declined by 0.7 per cent, while the index for the ‘Non-Alcoholic Beverages’ group rose by 0.4 per cent. The fall in the index for the ’Food’ group was mainly influenced by a 3.7 per cent decline in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’ due to lower prices for agricultural produce such as carrot, tomato, Irish potato, sweet potato and yellow yam.
STATIN said average prices were also lower for some items in the classes ‘Ready-made food and other food products n.e.c’ (1.1%) and ‘Fruits and nuts’ (0.6%).
The fall in the index for the group ‘Food’ was, however, moderated by a 0.5 per cent increase in the index of the class ‘Cereal and cereal products’, largely influenced by higher prices for rice said STATIN.
Additionally, the index for the ‘Transport’ division fell by 0.6 per cent, reflecting the decline in the index for the class ‘Passenger Transport Services’.
