Inflation drops sharply in November

The Statistical Institute of Jamaica (STATIN) reported a slowdown in inflation for November compared with 0.9 percent in October and 1.03 percent in September.

According to the body charged with collecting and collating economic data on behalf of the Government of Jamaica, the All Jamaica ‘All Divisions’ Consumer Price Index for November 2013 was 209.9 reflecting an inflation rate of 0.5 percent when compared to the index of 209.0 for October. This upward movement was mainly the result of a 0.7 percent rise in the index for the most heavily weighted division, ‘Food’ & Non-Alcoholic Beverages’. The impact of this movement was however tempered by the 0.2 percent fall in the index for the second most heavily weighted division ‘Transport’. This was the only division to record a decline for the month, with lower petrol prices being the contributing factor. The index for the division ‘Housing , Water, Electricity Gas and Other Fuels’ rose by 0.2 percent, and there was a 0.3 percent advance in the index for ‘Education’ impacted mainly by an increase in the cost of examination fees.

For the first 11 months of the calendar year 2013, the inflation rate was 9.1 percent. Year over year, inflation for November was 10.2 percent and for April-to-date the movement was 6.2 percent.

The other divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Clothing and Footwear’ 0.7 percent, ‘Restaurants and Accommodation Services’ and ‘Miscellaneous Goods and Services’ each recorded increases of 0.6 of percent,’ Furnishings, Household Equipment and Routine Household Maintenance’ 0.5 percent, Alcoholic Beverages and Tobacco’ 0.4 percent, ‘Health’ 0.3 percent, and ‘Recreation and Culture 0.2 percent.

There were upward movements in all three regional indices: Greater Kingston Metropolitan Area 0.7 percent, Other Urban Centres recorded a movement of 0.4 percent and Rural Areas 0.4 percent.