Jamaica’s inflation rate slipped in November to 0.4 percent, down from 1.5 percent in October, according to data from the Statistical Institute of Jamaica (STATIN) and brings the average for the last twelve months to 6.28 percent or an annual rate of 7.5 percent. Inflation in November is the third lowest month for 2022 to date and the eighth month, with a reading under one percent, the clearest indication that the pace of that inflation has been subsiding for 2022.
The increase in the All-Jamaica Consumer Price Index (CPI) for November was largely the result of a 2 percent increase in the index for the heavily weighted ‘Food and Non-Alcoholic Beverages’ division, Statin stated.
According to Statin, all classes within the ‘Food and Non-Alcoholic Beverages’ division increased for the review period with the main contributor being ‘Vegetables, tubers, plantains, cooking bananas and pulses’ which rose by 6.5 percent, due to higher prices for agricultural produce such as sweet potato, tomato, cabbage and sweet pepper, while Fruits and Nuts rose 2.4 percent, ‘Meat and other parts of slaughtered land animals’ up by 0.5 percent and ‘Ready-made food and other food products moved upwards by 1.3 percent.
Also impacting the movement of the CPI was the ‘Education’ division, with a 1.7 percent rise due to increased fees for the Caribbean Secondary Examination Certificate. Personal Care, Social Protection and Miscellaneous Goods and Services increased by 0.6 percent.
Food category was the main contributor to November’s inflation.
The overall rate of inflation was however tempered by a 2.4 percent fall in the index for the division Housing, Water, Electricity, Gas and Other Fuels’ due to lower electricity rates and a 0.2 percent decline in the index for the ‘Transport’ division as a result of lower petrol prices.
The point-to-point inflation rate (November 2021 – November 2022) was 10.3 percent. This was influenced mainly by the point-to-point inflation rate for the divisions: ‘Food and Non-Alcoholic Beverages’ up 14.3 percent, Statin stated.
