Jamaica’s inflation rate for September jumped 2.1 percent, over August 2014. The sharp upward movement was impacted by 4 percent increase in the category Transport which recorded the highest movement, mainly as a result of an increase in the cost of bus fares in the Greater Kingston Metropolitan Area.
A 3.9 percent increase for Education, due to a rise in the cost of tuition fees, at the beginning of the new school year, was another main contributor to the hike. Food and Non-Alcoholic Beverages recorded an upward movement of 2.9 percent. This was mainly attributable to the lingering impact of drought conditions island-wide, which resulted in a shortage in supply of some agricultural produce and consequently higher prices, the statistical Institute of Jamaica said in a release accompany the data.
Inflation for the year to September is now at 7.1 percent. Going forward, the fall in the price of oil to US$80 barrel, revaluation of the Jamaican dollar and improved rain fall that should result in increased farms produce, should help to ease the inflation rate, in the months ahead.
Jamaica’s inflation jumps 2.1%
October 15, 2014 by
[…] increased for October rose by a mere 0.1 percent over September this year, and is in line with the increase in February and June but above a negative 0.3 percent […]