October 16, 2024
The Statistical Institute of Jamaica (STATIN) reported that for September 2024, the point-to-point inflation rate was +5.7%; 0.8 percentage points lower than the 6.5% recorded for August 2023 to August 2024. Compared to August 2024, The All-Jamaica Consumer Price Index (CPI) for September 2024 decreased by 0.2%.
The main driver of the monthly decline (-0.2%) was a 4.0% fall in the index for the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division, driven by lower electricity rates. Additionally, the index for the ‘Transport’ division fell by 0.3%, due to lower petrol prices. However, these declines were partially offset by a 0.7% rise in the index for the ‘Food and Non-Alcoholic Beverages’ division, primarily influenced by a 4.2% increase in the ‘Fruits and nuts’ class and a 0.5% rise in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class. The ‘Education’ division also saw a 5.8% increase due to higher tuition fees for private primary schools.
The movement in the point-to-point inflation rate to 5.7% as at September 2024, was primarily influenced by increases in the following divisions: ‘Food and Non-Alcoholic Beverages’, ‘Transport’ and ‘Housing, Water, Electricity, Gas and Other Fuels’.
The rise in the index for the ‘Food and Non-Alcoholic Beverages’ division was driven by a 7.0% increase in the ‘Food’ group. Key contributors to this increase were higher prices for ripe bananas, papaya, pineapples, watermelon, and dried coconut, which significantly impacted the ‘Fruits and Nuts’ class (17.1%). Additionally, the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class (13.6%) saw an upward trend due to increased prices for items such as sweet pepper, tomato, cucumber, yam, and green banana.
The ‘Transport’ division experienced a notable 9.1% increase, primarily due to a 15.4% rise in the index for ‘Passenger Transport Services.’ This was largely the result of a significant 19% hike in fares for route and hackney carriage taxis, which was implemented on October 15, 2023. Additionally, the Jamaica Urban Transit Company (JUTC) fare restructuring, which took effect on May 13, 2024, contributed to this rise.
In the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, the index increased by 3.6%, driven by a 7.0% rise in the ‘Actual Rentals for Housing’ group, a 6.2% increase in ‘Imputed Rentals for Housing,’ and a 4.8% rise in the ‘Water Supply and Miscellaneous Services Relating to the Dwelling’ group. These increases were mainly due to higher rental prices and water and sewage rates.
MAJOR CPI DIVISION MOVEMENTS
The index for the ‘Food and Non-Alcoholic Beverages’ division increased by 0.7%, with the ‘Food’ group rising by 0.7% and the ‘Non-Alcoholic Beverages’ group up by 0.4%. The main factor behind the growth in the ‘Food’ group was a 4.2% increase in the ‘Fruits and nuts’ class, driven by higher prices for fruits such as ripe banana, watermelon, and pineapple. Additionally, the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class saw a 0.5% increase, as price rises for yellow yam, sweet potato, and Irish potato were partially offset by lower prices for sweet pepper, tomato, carrot, and cabbage. The rise in the ‘Non-Alcoholic Beverages’ group was mainly due to a 0.5% increase in the index for the ‘Water, Soft drinks, and Other non-alcoholic beverages’ class and a 0.4% rise in the ‘Fruit and vegetable juices’ class.
The point-to-point inflation rate for this division was 6.9%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division rose by 0.4%, driven mainly by a 0.5% increase in the ‘Alcoholic Beverages’ group, due to higher prices for rums and wines.
The point-to-point inflation rate for this division was 6.7%.
The index for the ‘Clothing and Footwear’ division increased by 0.2%. This was primarily driven by a 0.3% rise in the ‘Clothing’ group. Additionally, the ‘Footwear’ group saw a 0.1% increase in its index.
The point-to-point inflation rate for this division was 3.1%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division declined by 4.0%, primarily due to a 13.4% decrease in the ‘Electricity, Gas, and Other Fuels’ group, driven by reduced electricity rates. In contrast, the ‘Water Supply and Miscellaneous Services Relating to the Dwelling’ group increased by 1.9% due to higher water and sewage rates. Additionally, there were increases in the ‘Actual Rentals for Housing’ (3.2%) and ‘Imputed Rentals for Housing’ (1.1%) groups, reflecting higher rental rates.
The point-to-point inflation rate for this division was 3.6%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division rose by 0.2%. Groups within the division that saw increases included ‘Household Textiles’ (0.2%), ‘Tools and Equipment for House and Garden’ (0.1%), and ‘Goods and Services for Routine Household Maintenance’ (0.2%).
The point-to-point inflation rate was 5.2%.
The index for the ‘Health’ rose by 0.3%. A similar 0.3% increase was seen in the ‘Medicines and Health Products’ group, mainly driven by higher prices for some prescription and over-the-counter medicines. Additionally, the ‘Outpatient Care Services’ group experienced a 0.2% rise due to increased fees for some general practitioners and dentists.
The point-to-point inflation rate was 4.3%.
The index for the ‘Transport’ division fell by 0.4%. This was primarily influenced by a 2.1% decrease in the index of the group ‘Operation of Personal Transport Equipment’ due to lower petrol prices.
The point-to-point inflation rate was 9.1%.
The index for ‘Recreation, Sport and Culture’ division increased by 0.4%. This was influenced primarily by a 0.5% increase in the index of the group ‘Newspapers, Books and Stationery’ due to increased prices for school books and stationery items.
The point-to-point inflation rate was 4.6%.
The index for ‘Education’ division increased by 5.8%. This was influenced primarily by higher tuition fees for private schools at the primary level.
The point-to-point inflation rate was 9.4%.
The index for ‘Restaurants and Accommodation Services’ division increased by 1.0%. This was influenced primarily by higher prices meals consumed away from home.
The point-to-point inflation rate was 5.8%.
The index for the ‘Personal Care, Social Protection and Miscellaneous Good and Services’ division rose by 0.4%. This was primarily driven by increased prices for some personal care products and services.
The point-to-point inflation rate was 3.5%.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (+0.7%)
- Alcoholic Beverages, Tobacco and Narcotics: (+0.4%)
- Clothing and Footwear: (+0.2%)
- Housing, Water, Electricity, Gas and Other Fuels: (-4.0%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+0.2%)
- Health: (+0.3%)
- Transport: (-0.4%)
- Information and Communication: (0.0%)
- Recreation, Sport, and Culture: (+0.4%)
- Education: (+5.8%)
- Restaurants and Accommodation Services: (+1.0%)
- Insurance and Financial Services (0.0%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+0.4%)
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