Prices increased for October, by a mere 0.1 percent over September this year, in line with the increases in February and June but above a negative 0.3 percent in April. For November, this year, The Statistical Institute of Jamaica (Statin) reveals that as at the Consumer Price contracted by 0.5 percent versus October 2014.
The November fall, represents the lowest inflation rate since the start of the 2014. The division ‘Food and Non-Alcoholic Beverages’ declined by 0.1 per cent, and was mainly due to lower prices for vegetables. A reduction in the cost of electricity and lower rates for water and sewage were the key factors influencing the division ‘Housing, Water, Electricity, Gas and Other Fuels’, which declined by 3.6 percent. The latest inflation data brings the year to date level to 6.7 percent and the final number for 2014 should end up closer to 6 percent with the price of oil continuing to fall on the world market and local food products coming back in good quantities.

IC Insider stated in November that “the October number brings the yearly inflation to 7.2 percent to date. The shortage of many locally grown food items, pushed up prices and inflation in the food category for the September by 2.1 percent, the worse monthly increase by far for the year. Supplies are coming back to normal and will moderate prices in this category, so there should be lowering of inflation here. The price of oil have fallen on the world market down to the mid US$70 range and local gas prices at the pumps, having declined sharply. The fall in world oil prices will be passed through to consumers in lower fuel rate by JPS. With all of these developments rest of the year should see negative inflation that may pull the full year rate well below 7%. The inflation rate for 2012 was 8.0 percent and in 2013, 9.5 percent.”