November 18, 2024
The Statistical Institute of Jamaica (STATIN) reported that for October 2024, the point-to-point inflation rate was +4.9%; 0.8 percentage points lower than the 5.7% recorded for September 2023 to September 2024. Compared to September 2024, The All-Jamaica Consumer Price Index (CPI) for October 2024 was unchanged.
The monthly inflation rate was influenced by a 1.5% rise in the index for the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division, driven by higher electricity and water supply rates. Additionally, the index for the ‘Personal Care, Social Protection, and Miscellaneous Goods and Services’ division increased by 0.3%, influenced by higher costs for personal care services and products. However, these increases were offset by a 0.8% decline in the index for the ‘Food and Non-Alcoholic Beverages’ division, primarily due to a 5.8% decrease in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class, driven by lower prices of agricultural produce such as tomatoes, sweet peppers, and pumpkins.
The movement in the All-Jamaica point-to-point inflation rate to 4.9% as at October 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 5.3% increase in the ‘Food’ group. Key contributors to this increase were higher prices for ripe bananas, oranges, pineapples, watermelon, and dried coconut, which significantly impacted the ‘Fruits and Nuts’ class (17.5%). Additionally, the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class (5.7%) saw an upward trend due to increased prices for items such as Irish potatoes, tomatoes, yams, plantains, and green bananas.
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 3.5%, driven by a 6.2% rise in the ‘Imputed Rentals for Housing’ group and a 7.8% increase 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 fell by 0.8%, with the ‘Food’ group decreasing by 0.9%. The main factor behind the decline in the ‘Food’ group was a 5.8% decrease in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ class, driven by lower prices for agricultural produce such as tomatoes, sweet peppers, pumpkins, carrots, and cabbages. However, this decline was moderated by increases in other classes, notably ‘Fruits and nuts’ (3.0%), ‘Meat and other parts of slaughtered land animals’ (0.6%), and ‘Cereal and cereal products’ (0.5%). The index for the ‘Non-Alcoholic Beverages’ group increased by 0.2%, as a result of rises in all its classes: ‘Water, Soft drinks, and Other non-alcoholic beverages’ (0.2%), ‘Fruit and vegetable juices’ (0.2%), and ‘Coffee, Tea, Cocoa’ (0.1%).
The point-to-point inflation rate for this division was 5.3%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division rose by 0.3%. There were increases for both groups within the division: ‘Clothing’ (0.1%) and ‘Footwear’ (0.3%).
The point-to-point inflation rate for this division was 6.6%.
The index for the ‘Clothing and Footwear’ division increased by 0.1%. 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 3.0%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division rose by 1.5%, primarily due to a 3.3% increase in the ‘Electricity, Gas, and Other Fuels’ group, driven by higher electricity rates. Additionally, the ‘Water Supply and Miscellaneous Services Relating to the Dwelling’ group increased by 2.0% due to higher water and sewage rates.
The point-to-point inflation rate for this division was 3.5%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division rose by 0.2%. Groups within the division that saw increases included ‘Goods and Services for Routine Household Maintenance’ (0.3%), ‘Furniture, Furnishings and Loose Carpets’ (0.2%), and ‘Household Appliances’ (0.2%).
The point-to-point inflation rate was 5.2%.
The index for the ‘Health’ division rose by 0.2%. A similar 0.3% increase was seen in the ‘Medicines and Health Products’ group, mainly driven by higher prices for over-the-counter cold and cough medicines. Additionally, the ‘Outpatient Care Services’ group experienced a 0.1% rise due to increased fees for dental care services.
The point-to-point inflation rate was 4.3%.
The index for the ‘Transport’ division fell by 0.1%. This was primarily influenced by a 0.4% decrease in the index of the class ‘Fuels and Lubricants for 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 0.3%. This was influenced primarily by a 0.3% increase in the index of the group ‘Newspapers, Books and Stationery’ due to increased prices for books and stationery items.
The point-to-point inflation rate was 4.6%.
The index for ‘Restaurants and Accommodation Services’ division increased by 0.2%. This was influenced primarily by higher prices meals consumed away from home.
The point-to-point inflation rate was 3.8%.
The index for the ‘Personal Care, Social Protection and Miscellaneous Good and Services’ division rose by 0.3%. This was primarily driven by increased prices for some personal care products and services such as perfumes, deodorants, razors, natural hairstyles and men’s haircuts.
The point-to-point inflation rate was 3.4%.
Individual divisions saw the following changes:
- Food and Non-Alcoholic Beverages: (-0.8%)
- Alcoholic Beverages, Tobacco and Narcotics: (+0.3%)
- Clothing and Footwear: (+0.1%)
- Housing, Water, Electricity, Gas and Other Fuels: (+1.5%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+0.2%)
- Health: (+0.2%)
- Transport: (-0.1%)
- Information and Communication: (0.0%)
- Recreation, Sport, and Culture: (+0.3%)
- Education: (0.0%)
- Restaurants and Accommodation Services: (+0.2%)
- Insurance and Financial Services (0.0%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+0.3%)
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