Jamaica’s inflation down considerably

Oil prices came back from the pre-Ukrainian war prices easing inflation in Jamaica in April, with the country posting the lowest inflation rate since April last year. The year over year inflation rate is up to 11.8 percent according to Statin’s latest read on inflation.

Increased fuel prices added to inflation.

The release from the Statistical Institute of Jamaica would lead to a view that despite the negative 0.1 percent for April 2022, that inflation is still rising. That of course is false. Over the past seven months, inflation is trending well within the Bank of Jamaica’s range of 4 to 6 percent, at 5.10 percent annualised, with March being the worse month with a 1.6 percent increase, fueled a lot by the events associated with the Ukrainian war, but for that, the rate may well be lower than it currently sits.
The trend is in keeping with ICInsider.com report earlier this year, suggesting that inflation was well in control from the latter part of 2021.
The reduction in inflation in April according to the release by Statin, “was occasioned by electricity rates, which mainly resulted from lower fuel charges.”
The above decline was tempered by Statin states, by the 1.1 percent increase for the group ‘Water Supply and Miscellaneous Services Relating to the Dwelling due to increased water and sewage rates. Food and Non-Alcoholic Beverages’, increased by 0.5 percent, as most classes within the division recorded higher inflation rates. There were reduced prices for Vegetables, tubers, plantains, cooking bananas, pulses, Fruit and nuts.

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