Inflation rate drops in April

Inflation has finally returned to the band mandated by the Bank of Jamaica of 4 to 6 percent per annum, with the year over year rate now at 5.8 according to data released by the Statistical Institute of Jamaica (Statin.) and is down from 6.2 percent in March.
The dip in the point to point inflation below 6 percent was occasioned by a fall in the All-Jamaica Consumer Price Index (CPI) of 0.4 percent for April 2023 and was influenced mainly by a 4.2 percent fall in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’. The movement in the division’s index was due to a reduction in the rates for electricity, which resulted in a 12.5 percent fall in the index for the group. There was also a decline in the index for the ‘Transport’ division, which moved down by 0.1 percent due mainly to reduced petrol and air travel costs. The inflation rate was, however, tempered by a 0.6 percent increase in the index for the heaviest weighted division ‘Food and Non-Alcoholic Beverages.
The inflation rate since November last year is now negative.