Jamaica’s Inflation Rate Shows Slight Uptick

Jamaica’s inflation rate for August increased by 1.0 percent in the All-Jamaica Consumer Price Index (CPI), resulting in the index moving to 132.2, up from 130.8 in July.

The inflation rate increased to 6.8 percent on an annual basis as at August.

The Statistical Institute of Jamaica says the inflation rate was influenced by increases in the cost of the heavily weighted divisions: ‘Food and Non-Alcoholic Beverages’ and ‘Restaurants and Accommodations Services’.

A further increase in costs was halted by a 1.2 percent drop in the costs associated with ‘Transportation.’

The rate of price increases was just outside the Bank of Jamaica’s four to six percent target range.

For the month of August alone, STATIN says prices went up by one percent.

The main contributor to this movement was a 1.4 percent rise in the cost of ‘Food and Non-Alcoholic Beverages’.

There were also higher rates for mobile communication services.

The BOJ projects that inflation will return to its target range by the end of the calendar year.

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Readers Bureau, Contributor

 Edited by Jesus Chan

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