Inflation jumps 1 percent in May, the Statistical Institute of Jamaica (Statin) stated in a release today, compared to the index for April. An increase of 0.7 percent in ‘Food and Non-Alcoholic Beverages’ and 3.6 percent increase in the index for the division ’Housing, Water, Electricity, Gas and other Fuels’ were the major reasons for the sharp climb. The movement in the index for May 2014 resulted in a calendar year-to-date inflation rate of 2.4 percent. Inflation declined in April by 0.7 percent compared to March this year.
According to Statin, the division ‘Food and Non-Alcoholic Beverages’ was impacted by increases of 1.9 percent and 1.6 percent in ‘Bread and Cereals’ and ‘Milk, Cheese and Eggs’ respectively. There were declines of 0.4 percent and 0.3 percent for the classes ‘Fruit’ and ‘Vegetables and Starchy Foods’ respectively. Within the division ‘Housing Water, Electricity, Gas and Other Fuels’ the advance in the index for ‘Electricity, Gas and Other Fuels’ of 7.3 percent was moderated by the fall of 3.4 percent in the index for ‘Water Supply and Miscellaneous Services Related to Dwelling’
The other divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Alcoholic Beverages and Tobacco’ 0.5 percent, ‘Clothing and Footwear’ 0.2 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.5 percent, ‘Health’ 0.2 percent, ‘Transport’ 0.4 percent, ‘Recreation and Culture’ 0.1 percent, ‘Restaurants and Accommodation Services’ 0.5 percent, and ‘Miscellaneous Goods and Services’ 0.5 percent.
Carreras up $1,NCB up $1top movers
Germany 4, Portugal nil
Germany started the scoring in their group match against Portugal with a goal from a penalty kick in early play and added another following a corner kick. Seconds from the close of the first half the Germans struck again from an error by the Portugal defense in the penalty area.
Unless Portugal make serious changes in the second half with only 10 men they face a daunting task to avoid a solid whipping, similar to or greater than the one Spain got from Holland, last week. the Germans just scored another to make the score 4-0 shortly after the Portuguese should have had a penalty for a fowl in the Germans penalty area.
Italy 2,England 1
Italy scored first from a scorching long kick that completely eluded the keeper to be followed later by England that came from a cross from Wayne Romney and was slambed in the Goal to Daniel Sturridge just before the half time of another entertaining 2014 world cup match.
Claudio Marchisio scored first for Italy and Barotelli scored the second Italian goal in the second half.
Costa Rica 3, Uruguay 1
Costa Rica had the better of play in their group D world cup match against the South American Uruguay. After they stupidly gave away a penalty by pulling down one of the Uruguaian players in the penalty area, they now lead 3-1 with three excellent goals, with the last minutes from the end thus putting paid to any hope Uruguay had of winning the match. Campbell was the star for Costa Rica in scoring the first goal for his country.
Things got worse for Uruguay in the dying moments from the end with a Uruguay player being red carded, the first of this year world cup.
J$111.55 to US$, inflows exceed outflows
The local dollar lost value yet again on Friday even as inflows far outnumbered outflows with $39.8 million bought to only $25.3 million sold. The Jamaican dollar slipped 5 cents against the US dollar to push the selling rate to $111.55, the selling rate for the Canadian Dollar gained 6 cents to close at $102.45 and the Pound sterling closed at $188.37 with an increase of 88 cents.
A total of the equivalent of only US$39,803,642 entered the market with the equivalent of S$25,324,698 leaving. On Thursday dealers bought the equivalent of US$23,283,938 and they sold the equivalent of US$26,565,251 sold.
In US dollar trading, dealers bought US$33,708,870 compared to US$17,549,276 on Thursday as the buying rate for the US dollar rose 18 cents to $111.03 and sold US$23,139,314 versus US$21,696,188 on Thursday with the rate closing up 5 cents to $111.55.
The Canadian dollar buying rate fell $1.21 to end at $100.26 with dealers buying C$807,533 and selling C$432,370 with the rate rising 6 cents to end at $102.45.
The Pound closed at $186.47, for the purchase of £3,118,427 as the rate gained 24 cents, while £963,002 was sold, with the rate climbing 88 cents to $188.37. Other currencies bought, amounted to the equivalent of only US$128,416 while selling accounted for the equivalent of just $162,143.
Highs & Lows| The highest rate gained 8 cents to $111.78 but the lowest buying rate along with the highest selling for the US dollar remained unchanged at $90.60 and $116.09 respectively. The lowest buying rate was up 40 cents to $108.50.
The highest buying rate for the Canadian dollar fell 20 cents to $102.60, the lowest buying rate climbed 33 cents to $81.09, the highest selling rate was up 5 cents to $104.59 and lowest selling rate was up by a mere 5 cents to $97.75.
The highest buying rate for the Pound gained $1.25 to $189.10 while the lowest buying rate rose 42 cents to $149.82. The highest selling rate rose by 54 cents to $193.14 and the lowest selling rate was up 50 cents to $180.50.
Chile 3, Aussie 1
Holland demolishes Spain 5-1
The Spanish team came in as favourites for their world cup match up with the Dutchmen, but the Dutch have demolished the last world cup winner in a second half display that few people saw. With 10 minutes of the second haft left to be played, Holland has torn up the scrip and surged ahead 5 goals to 1 and now seem very unlikely to lose this match.
Mexico 1 Cameroon nil
40 minutes world cup loss damages JPS image
As if its public image was not already low JPS did more damage to it today with a massive power outage at the start of the popular world cup series and amidst a near 100 degree hot a muggy temperature. Football enthusiasts who rely on television for the viewership of their sports were deprived of catching the start of the world cup match between Mexico and Cameroon which started at 11 Jamaica time. The outage could hardly have been at a worse time for them, especially at a time when they have mouthed the thought of getting the permission to supply the additional amount of new electrical power to the system.
While government is trying to get third parties to set up a new power plant to feed into the JPS grid, JPS would not have done themselves much favour if what would appear to be the logical decision of allowing them to add the needed supply to the grid. What has not been said in the saga of getting cheaper power to consumers of electricity is, with JPS already having the overheads for supplying the current and near term needs, switching to a new supplier of power generation will not provide the best cost option as two sets of overhead cost will have to be borne by consumers, plus the profit margin of a separate supplier as well as additional mark up the JPS will effect for transmitting the supply. So consumers will be hit with double cost and double profits.
But JPS should have been performing better than they have. But clearly government ministers have not been thinking properly being 20 percent owners in JPS. Have anyone thought about the effect that by passing JPS for power generation will have on the 20 percent stake owned by taxpayers through the government, if that been considered seriously no one is telling the country?
While the government is focusing on new supply to deliver cheaper power,
