Inflation now running at just 2% per annum

The All-Jamaica Consumer Price Index (CPI) increased by a mere 0.1 per cent for March 2023, influenced mainly by a 0.8 per cent increase in the index for the heaviest weighted division ‘Food and Non-Alcoholic Beverages the Statistical Institute of Jamaica (Statin) stated in a release today and comes after a 0.5 percent rise in February and a 0.06 percent decline in January.
According to Statin, “the increase in the index for the ‘Food and Non-Alcoholic Beverages’ division was due to higher prices for agricultural products such as cabbage, Irish potato and sweet potato which contributed to the 2.5 per cent increase in the index for the class Vegetables, tubers, plantains, cooking bananas and pulses. “
“The rise in the CPI was also influenced by the 1.1 per cent increase in the index for the division ‘Restaurants and Accommodation Services’ resulting from higher prices for meals consumed away from home. The inflation rate was, however, tempered by a 1.8 per cent fall in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division and a 0.2 per cent decline in that of the ‘Transport’ division. The movement in the former division was due to lower electricity, water and sewage rates, while lower petrol prices impacted the latter division.”
The point-to-point inflation rate (March 2022 – March 2023) was 6.2 percent just outside BOJ’s upper mandate level.
This was influenced mainly by the point-to-point inflation rate for the divisions: ‘Food and Non-Alcoholic Beverages’ (10.1%) and Restaurants and Accommodations Services’ (16.9%). These upward movements were, however, tempered by a 1.9 per cent decline in the index for the group ‘Housing, Water, Electricity, Gas and Other Fuels,“ Statin stated.
Inflation has been declining from the latter part of 2021, with the rate since March last year running at an average of 0.416 percent per month and 4.99 percent cumulative. Since November last year, the average monthly inflation has been running at 0.17 percent or just over 2 percent per annum, an urgent signal to the Bank of Jamaica that the time has passed for a serious cut in interest rates.

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