The inflation rate for July 2014 jumped by 1.4 percent, the highest rate recorded since September 2013, the Statistical Institute of Jamaica (Statin) reported.
According to the report put out by the body charged by the Government of Jamaica with data collection, Statin, “contributing to the rise in inflation, were increases in the cost of some agricultural products as the drought affecting most of the island, resulting in a shortage in supply. The highest weighted division ‘Food and Non-Alcoholic Beverages’ increased by 2.0 percent with the classes ‘Vegetables and Starchy Foods’ moving up by 6.3 per cent and ‘Fruit’ by 5.8 percent.”
Since the start of the year the monthly inflation rates are Feb 0.1 percent, March 1.1 percent, April, negative 0.3 percent, May 1.0 percent, June 0.1 percent and July 1.4 percent. The movement in the index up to June this year is for an inflation rate of 2.5 percent, with the July included, the year to date is now at 3.9 percent. The impact that drought is said to have on the rate could subside in the latter months of the year thus allowing food prices to moderate and bring down the monthly rate of increase going forward.
Jamaica’s Inflation jumps for July
August 20, 2014 by
