No inflation

Fall in the price of fuel and appreciation of the Jamaica dollar helped in pushing inflation down in November with data out of Statistical Institute of Jamaica (STATIN) showing zero inflation.
According to Statin, the result was influenced by a 0.3 percent increase in the index for the division Food and Non-Alcoholic Beverages. This was as a result of higher prices for vegetables, starchy foods and fruits but was tempered by a 0.8 percent decline in the division Housing, Water, Electricity, Gas and Other Fuels due mainly to reduced rates for electricity despite the increased rates for water and sewage. The Transport division declined by 0.7 percent as a result of a decrease in the price for petrol. The calendar year-to-date inflation was 3.5 percent while the movement in the index for the fiscal year-to-date was 3.8 percent and the movement for the past 12 months comes out at 4.1 percent.

Inflation moderates in October

Prices in Jamaica increased in October but at a slightly slower pace than in September according to the Statistical Institute of Jamaica (STATIN) in a release today.
“The All Jamaica Consumer Price Index for October recorded an inflation rate of 0.7 percent”, the report from Statin said, down from 1.1 percent in September. The movement in the October CPI was influenced by a 1.7 percent increase, for Food and Non-Alcoholic Beverages. Prices for vegetables and starchy foods resulting in the group Food moving upwards by 1.8 percent. The Transport division increased by 0.5 percent as a result of an increase in the price for petrol and air travel.
The increases were tempered by a 1.3 percent decline in the division Housing, Water, Electricity, Gas and Other Fuels due mainly to reduced rates for electricity despite the increased rates for water and sewage, the Statin report stated. The index

Crude price in sharp fall coupled with J$ appreciation to create negative inflation ahead.

for the group Electricity, Gas and Other Fuels fell by 2.5 percent while, the group Water Supply and Miscellaneous Services Related to Dwelling advanced by 0.5 percent.
The calendar year-to-date inflation was 3.5 percent while the movement in the index for the fiscal year-to-date was 3.8 percent with inflation over the last 12 months being 4.7 percent.
The higher inflation rate came as a result of the rate of exchange of the Jamaican dollar sliding from around $125 to one US dollar in May to a low of $137.95, that would have helped to push up the prices of imported items and petroleum and spiked inflation that ran at a negative rate up to May. Since October when the survey would have been done, the rate of exchange for the Jamaican dollar appreciated J$132.17 to the US dollar and since then appreciated further to J$126.58 to the US dollar and seems set to enjoy further appreciation.

Inflation picks up

Price increases in Jamaica for the year to August rose to 1.6 percent with August adding 0.9 percent increase to consumer prices, slightly less than the 1 percent increase in July while price increases for the past twelve months was 3.9 percent.
The fiscal year-to-date is running at 1.9 percent and seems to be running below the 4-6 percent range the central bank targeted but may fall just below the Bank’s latest revised forecast 0f 3.5-6.5 percent, with the months ahead, usually recording lower inflation than the summer months.
According to the Statistical Institute of Jamaica (STATIN), “The upward movement in August 2018 CPI was influenced by a 1.6 percent increase, in the index for the Food and Non-Alcoholic Beverages division, primarily due to higher prices for agricultural produce resulting in an increase of 0.6 percent in the class Vegetables and Starchy Foods.” “Another influence on the upward movement was the Furnishing, Household Equipment and Routine Household maintenance division as a result of the increase in the Minimum Wage of approximately 13 percent,” Statin stated. A fall of 0.1 percent in the index for the division Housing, Water, Electricity, Gas and Other Fuels, due to a lower electricity rates helped to ease the pressure of big increases.

Prices jump in July in Jamaica

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Inflation rose 1 percent in July, exceeding the 0.4 percent rise in June bring inflation for the year to July to 0.7 percent after the All Jamaica Consumer Price Index recorded negative inflation to June of 0.3 percent.
Inflation for the past twelve months to July rose 3.2 percent.
The upward movement in the July 2018 CPI was influenced mainly by a 3.4 percent rise in “Housing, Water, Electricity, Gas and Other Fuels,” the Statistical Institute of Jamaica (STATIN) stated. This resulted Statin said from increased electricity, water and sewage rates. Electricity, Gas and other Fuels and Water Supply and Miscellaneous Services Related to the Dwelling, registering increases of 5.8 percent and 1.6 percent respectively.
Food and Non-Alcoholic Beverages recorded an increase of 0.9 percent, influenced by a 2.9 percent upward movement in the prices of Vegetables and Starchy Foods. A 0.8 percent increase in the index for the Transport division due primarily to higher petrol costs also contributed to the movement in the inflation rate.

No Inflation in Jamaica

With 5 months having elapse for 2018 data put out by the Statistical Institute of Jamaica (STATIN) show Jamaica still having deflation of 0.7 percent, the same as in April.
According to STATIN, the All Jamaica Consumer Price Index recorded a negligible movement for May 2018, The main contributor to this movement was the 0.2 percent fall in the index for the heaviest weighted division ‘Food and Non-Alcoholic Beverages, due mainly to lower prices for agricultural produce, especially vegetables such as cabbage, carrot, sweet pepper, tomato and lettuce.
Tempering the declining items was a 0.2 per cent increase in ‘Housing, Water, Electricity, Gas and Other Fuels’, primarily resulting from higher electricity rates, offset by a reduction in water and sewage rates. May out turn brings inflation in the past twelve months to May to was 3.1 percent.

Jamaica’s inflation drops 0.4% in April

Data from the Statistical Institute of Jamaica reveals another month of falling prices for Jamaica with a decline of 0.4 percent in April.
April fall, follows negative 0.1 percent in February and March and no change in January. inflation for 2018 is now negative 0.6 percent and would reduce inflation over the past twelve months to 3.5 percent.
In April Statin stated that the main contributor to the deflation in March was a 1 percent fall in Food and Non-Alcoholic Beverages category, due to lower prices for agricultural produce resulting in a 4.3 percent reduction in index for the class Vegetables and Starchy Foods and Transportation also recorded a decline.

23,000 more Jamaicans employed

More Jamaicans continue to gain employment as the economic growth gathers pace with 22,600 persons added to the employment list, an increase of 1.9 percent more persons being employed over the year to January.
The increased number of employed persons, lifted the employed in January 2018 to 1,206,600, up from 1,184,000 employed in January 2017.
Over the period, male employment increased by a mere 1,900 persons over the twelve month period to reach 664,200 in January 2018 while female employment increased by 20,700 or 4 percent to 542,400.
According to the Statistical Institute of Jamaica, the unemployment rate fell to 9.6 percent at the start of the year and is down sharply from 12.7 percent in January 2017. The lower rate of unemployment came as a result of decline in the total number of persons in the labour force and the increase in employment. In October last year the unemployment rate fell to 10.4 percent.

Deflation for Jamaica’s Q1

Prices declined for another month in Jamaica, according to data just released by the Statistical Institute of Jamaica (STATIN) but prices are still high than a year ago.
Statin stated that the All Jamaica Consumer Price Index declined for the second consecutive month as a negative 0.1 percent inflation rate was recorded for March 2018. The main contributor to this movement was the 1.0 percent fall in Food and Non-Alcoholic Beverages category, due to lower prices for agricultural produce resulting in a 4.3 percent reduction in index for the class Vegetables and Starchy Foods. Transportation recorded a decline of 0.4 percent for the period, resulting from lower fuel prices. Upward movement of a 3.2 percent in Housing, Water, Electricity, Gas and Other Fuels, primarily resulting from higher electricity, water and sewage rates help to negate the above mention declines. As at March 2018, the calendar year-to-date inflation was negative 0.2 percent and the movement in the index for the last twelve months is 3.9 percent.

Jamaican Economy grew 0.5% in 2017

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Preliminary estimate by the Statistical Institute of Jamaica (Statin) puts growth in the Jamaican economy at 0.5 percent for 2017, after it grew by 1.1 per cent in the fourth quarter compared to the similar 2016 quarter, data just released by Statin shows.
The result will be subject to revision when additional data is obtained. Growth in the final quarter, Statin stated “resulted from improved performances in both the Services Industries up by 1.1 percent and the Goods Producing Industries 1.2 percent.”
“All industries within the Services Industries recorded gains: Electricity & Water Supply, 0.4 percent, Hotels & Restaurants 5.8 percent, Transport, Storage & Communication 0.7 percent, Real Estate, Renting & Business Activities 0.8 percent, Wholesale & Retail Trade; Repairs; Installation of Machinery & Equipment 0.5 percent,

Growth in tourism was strong in 2017

Finance & Insurance Services 0.8 percent, Producers of Government Services 0.2 percent and Other Services 1.4 percent.”
The main contributors to growth in the Goods Producing Industries were Mining & Quarrying 14.7 percent, Manufacturing 0.3 percent and Construction 0.7 percent. The Mining & Quarrying industry benefitted from higher production levels at the alumina plants. The Manufacturing industry’s performance was attributed to increased output from both the Food, Beverages & Tobacco and Other Manufacturing sub-industries, due largely to the increase in beverages, bakery products and grain mill products.
However, Agriculture, Forestry & Fishing declined by 1.1 per cent. The performance of the Agriculture, Forestry & Fishing industry was impacted by heavy rainfall, the Statin report stated.

Zero inflation in Jamaica – January

On average, prices in Jamaica hardly moved in the first month of 2018, according to data released by Statistical Institute of Jamaica (STATIN) as a result the inflation for the past 12 months ended at 4.8 percent.
“The inflation rate recorded a negligible movement according to the January 2018 Consumer Price Index,” Statin stated in their released today. “This was as a result of fluctuations recorded in the index for the heaviest weighted divisions: Food and Non-Alcoholic Beverages, Transport and Housing, Water, Electricity, Gas and Other Fuels. The highest weighted division, Food and Non-Alcoholic Beverages registered a fall of 0.2 percent, due mainly to the class Vegetables and Starchy Foods recording a decline in its index of 1.4 percent because of lower prices for starchy foods and vegetables.”
Housing, Water, Electricity, Gas and Other Fuels increased by 0.3 percent, primarily resulting from higher electricity and water rates. The index for Education rose by 0.5 percent.
Revaluation of the Jamaican dollar against the US dollar during the last two months of 2017 and improvement in weather conditions that resulted in more supply of local foods would have been major contributors to the moderation in inflation.