The inflation rate, increased by a mere 0.2 percent in April 2015 while the year-to-date inflation rate for April 2015 is minus 0.5 percent, the point-to-point 4.4 percent.
Statin said the lower increase for April is due mainly to upward movements in the index for the divisions of Food and Non-Alcoholic Beverages 0.5 percent, Alcoholic Beverages and Tobacco 1.3 percent and Transport 1.1 percent. The fall in prices the group Electricity, Gas and Other Fuels’ which fell by 4.6 percent. This resulted mainly from lower fuel rates, as well as an appreciation of the Jamaican dollar.
The calendar The other divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Clothing and Footwear’ 0.4 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.4 percent, ‘Health’ 0.2 percent, percent, ‘Recreation and Culture’ 0.3 percent, ‘Restaurants and Accommodation Services’ 0.2 percent, and ‘Miscellaneous Goods and Services’ 0.3 percent.
Jamaica’s 2015 inflation remains tame
5 months of deflation for Jamaica
Jamaica is enjoying a respite in upward price movements since October last year with the price of oil on the world market having collapsed from US$100 per barrel to hover around US$50. The country had a 0.1 percent inflation in October, but declined in each of the following months, with the latest data showing February 2015 with a 0.7 percent decline in the All Jamaica ‘All Divisions’ Consumer Price Index. This followed the fall of 0.5 percent in January. Year-to-date inflation to February 2015, is -1.1 percent and since November last year the decline is 2 percent.
The Statistical Institute of Jamaica (Statin) indicated that the “main contributor to the decline, was a 3.6 percent decrease in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’ resulting from lower rates for electricity and water. The reduction was tempered by an upward movement in the wages for carpenters, masons, plumbers, painters and electricians during the month. Also contributing to the decline was a 0.6 percent fall in ‘Food and Non-Alcoholic Beverages’, the heaviest weighted division. All other divisions recorded movements of below 0.5 percent.”
Increase were experienced by certain categories with ‘Alcoholic Beverages and Tobacco’ increasing by 0.3 percent, ‘Clothing and Footwear’ 0.2 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.3 percent ‘Health’ 0.4 percent, ‘Transport’ 0.1 percent, ‘Recreation and Culture’ 0.3 percent and ‘Miscellaneous Goods and Services’ 0.2 percent. ‘Communication’, ‘Education’ and ‘Restaurants and Accommodation Services’ recorded negligible movement for the period under review, Statin stated.
Inflation drops again says Statin
The Statistical Institute of Jamaica (Statin) reports that the All Jamaica ‘All Divisions’ Consumer Price Index fell by 0.5 percent in January this year, the third consecutive monthly decline in the inflation rate for Jamaica. The inflation rate was 0.1 percent in October, November was negative 0.5 percent and December negative 0.3 percent. The downward movement in inflation for January was mainly attributable to a fall in the index for the three highest weighted divisions. The index ‘Food and Non-Alcoholic Beverages’ fell by 0.2 percent, followed by the division ‘Housing Water, Electricity,
Gas & other fuels fell 3.4% in january
The release went on to state that the divisions that recorded increases in the All Jamaica ‘All Divisions’ index were: ‘Alcoholic Beverages and Tobacco’ 0.4 percent, ‘Clothing and Footwear’ 0.9 percent, ‘Furnishings, Household Equipment and Routine Household Maintenance’ 0.3 percent, ‘Health’ 0.1 percent, ‘Recreation and Culture’ 0.1 percent, ‘and ‘Miscellaneous Goods and Services’ 0.6 percent, while Restaurants and Accommodation Services’ 2.5 percent, ‘Education’, and ‘Communication’ each remained unchanged.
Jamaica’s economy barely delivering jobs
Image courtesy of koko-tewan/FreeDigitalPhotos.net
The slow growth in the numbers on newly employed is a direct result of the low growth performance in the local economy as current government policy drives down demand for many goods and services in the country as government maintains the target of a balance fiscal operation.
Statin said the unemployment rate for males declined from 10.6 percent to 9.9 percent and for females from 20.0 percent to 19.4 percent.
“The number of persons in the Labour Force was 1,310,700, an increase of 6,200 (0.5 percent) above the 1,304,500 recorded in September 2013” Statin said.The number of persons employed according to the latest data for 2014 is 1,124,500 persons, 14,000 (1.3 percent) more than the 1,110,500 recorded in September 2013, the report indicated. The composition continues to show much more male employment than female, with 645,900 males and 478,600.
According to the report the largest increases in the number of employed persons occurred in the groups ‘Wholesale & Retail, Repair of Motor Vehicle & Equipment’ and ‘Agriculture, Hunting, Forestry & Fishing’. The number of persons employed in the group ‘Wholesale & Retail, Repair of Motor Vehicle & Equipment’ increased by 11,700 (5.5 percent) while the group ‘Agriculture, Hunting, Forestry & Fishing’ increased by 7,800 (3.9 percent).
Jamaican economy fell 1.4% in Q3
Agriculture was affected by drought and suffered a sharp contraction in GDP.
Statin sated that the performance for the September quarter was negatively impacted by a 7.8 percent fall in the Goods Producing industries but the Service industries improved by 0.7 percent. When compared to the second quarter of 2014, output in the economy fell by 1.8 percent.
All industries within the Goods Producing industries, with the exception of Construction experienced lower levels of output. Reduced output was recorded in: Agriculture, Forestry & Fishing 22.8 percent, Manufacturing 5.6 percent and Mining & Quarrying 2 percent. The Construction industry grew by 1.6 percent.
“The weak performance in the Agriculture, Forestry & Fishing industry resulted from drought conditions experienced throughout the island. The decline in Manufacturing was mainly attributed to a 51.6 percent decline in petroleum refining. There was no production of petroleum products for two months of the review quarter as the refinery was closed for operational maintenance in August and September. Lower production in the Mining & Quarrying industry was due largely to a 3.2 percent fall in alumina production. However, crude bauxite production increased by 2.2 percent resulting from improved efficiency at the bauxite plant,” Statin said.
Petrojam closed its refinery in August & September affecting growth in the manufacturing sector
Negative Inflation for rest of 2014?
Prices 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 in April. The rate for the rest of the year could be negative based on developments locally and overseas.
The inflation rate, the Statistical Institute of Jamaica (Statin) reveals was mainly due to a 0.2 percent increase in the index for the category of Food and Non-Alcoholic Beverages and 0.3 per cent increase in Housing, Water, Electricity, Gas and Other Fuels. This increase in the index for the latter division was mainly as a result of higher water and sewerage charges in October 2014 Statin stated. A 0.8 percent fall of prices in transportation, moderated the effect of the increases, in the other areas. Statin said that the ‘Transport’ division’s index fell as a result of the decline in the cost of airfares, as well as the price of fuel.
Lower airfares helped to keep October inflation low
