April 16, 2025
The Statistical Institute of Jamaica (STATIN) reported that as at March 2025, the point-to-point inflation rate was +5.0%; 0.6 percentage points higher than the 4.4% recorded between February 2024 and February 2025. Compared to February 2025, The All-Jamaica Consumer Price Index (CPI) remained unchanged for March 2025.
The main driver of the monthly stability (0.0%) was a 2.4% increase in the index for the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division, primarily due to higher electricity rates and household rental rates. However, this increase was offset by a 1.0% decrease in the ‘Food and Non-Alcoholic Beverages’ division, driven by a 4.9% fall in the ‘Vegetables, tubers, plantains, cooking bananas and pulses’ class, and a 0.2% decrease in the ‘Transport’ division, attributed to lower petrol prices.
The All-Jamaica point-to-point inflation rate for the period March 2024 to March 2025 was 5.0%. The main contributors to this increase were the divisions: ‘Food and Non-Alcoholic Beverages’ (+7.4%), ‘Housing, Water, Electricity, Gas and Other Fuels’ (+5.1%), and ‘Restaurants and Accommodation Services’ (+6.2%).
The rise in the index for the ‘Food and Non-Alcoholic Beverages’ division was primarily due to an 18.1% increase in the ‘Fruits and Nuts’ category and a 13.8% rise in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ category. Specifically, prices went up for ripe bananas, oranges, watermelon, and dried coconut in the ‘Fruits and Nuts’ category, while the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ category saw higher prices for Irish potatoes, tomato, yam, plantain, and green banana.
The increase in the ‘Housing, Water, Electricity, Gas, and Other Fuels’ division was mainly driven by a 5.1% rise in the ‘Imputed Rentals for Housing’ group and a 2.1% increase in the ‘Electricity, Gas, and Other Fuels’ group. These increases were due to higher household rent and electricity rates, respectively.
In the ‘Restaurants and Accommodation Services’ division, the primary factor for the increase was higher prices for food purchased away from home. This led to a 6.1% rise in the index for the ‘Food and Beverage Serving Services’ group.
MAJOR CPI DIVISION MOVEMENTS
The index of the ‘Food and Non-Alcoholic Beverages’ division decreased by 1.0% for March 2025. Within this division, the ‘Food’ group saw a 1.1% decline, while the ‘Non-Alcoholic Beverages’ group experienced a 0.2% increase. The drop in the ‘Food’ group was mainly due to a 4.9% decrease in the ‘Vegetables, tubers, plantains, cooking bananas, and pulses’ category, driven by lower prices for items like Irish potato, yam, okra, and tomato. Additionally, the ‘Ready-made foods and other food products n.e.c’ category saw a 1.8% decline. However, this decline was partially offset by increases in other categories, especially ‘Meat and other parts of slaughtered land animals’ (0.6%), ‘Milk, other dairy products and eggs’ (0.5%), and ‘Fish and Seafood’ (0.4%). In the ‘Non-Alcoholic Beverages’ group, the index for all three classes increased: ‘Water, Soft Drinks, and Other Non-Alcoholic Beverages’ (0.2%), ‘Fruit and Vegetable Juices’ (0.2%), and ‘Coffee, Tea, Cocoa’ (0.2%). The point-to-point inflation rate for this division was 7.4%.
The index for the ‘Alcoholic Beverages, Tobacco and Narcotics’ division rose by 0.4%. The increase was due to a 0.6% increase in the index of the ‘Alcoholic Beverages’ group owing to increases in the classes ‘Spirits and liquors’ (0.5%), ‘Beer’ (0.4%) and ‘Wine’(0.6%). The point-to-point inflation rate for this division was 6.3%.
The index for the ‘Clothing and Footwear’ division increased by 0.2%. There was a 0.2% rise in the index of the ‘Clothing’ group, while the ‘Footwear’ group saw a 0.2% increase in its index. The point-to-point inflation rate for this division was 3.5%.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division saw a 2.4% increase, mainly due to a 2.4% rise in the ‘Electricity, Gas, and Other Fuels’ group, which was driven by higher rental and electricity rates. However, this overall increase was tempered by a 1.1% decrease in the index for the group ‘Water Supply and Miscellaneous Services Relating to the Dwelling’ due to lower water and sewage rates. The point-to-point inflation rate for this division was 5.1%.
The index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division rose by 0.1%. The primary driver was the ‘Goods and Services for Routine Household Maintenance’ group, which saw a 0.1% increase due to higher prices for certain household cleaning products. Other groups also experienced increases, notably ‘Household Textiles’ (0.5%) and ‘Household Appliances’ (0.2%). The point-to-point inflation rate was 4.8%.
The index for the ‘Health’ division increased by 0.7%. This rise was primarily driven by a 0.8% increase in the ‘Medicines and Health Products’ group, due to higher prices for prescription antibiotics, hypertensive medicines, and asthma medication. Additionally, the ‘Outpatient Care Services’ group saw a 0.9% increase, mainly due to higher fees for general practitioners. The point-to-point inflation rate was 4.9%.
The index for the ‘Transport’ division fell slightly. There was a 0.2% decrease in the index of the group ‘Operation of Personal Transport Equipment’ due to lower petrol prices. The point-to-point inflation rate was -0.1%.
The index for the ‘Information and Communication’ division remained unchanged. The point-to-point inflation rate was -6.7%.
The index for ‘Recreation, Sport and Culture’ division increased by 0.1%. This rise was mainly driven by a 0.1% increase in the ‘Newspapers, Books, and Stationery’ group. The point-to-point inflation rate was 3.5%.
The index for ‘Restaurants and Accommodation Services’ division remained unchanged. The point-to-point inflation rate was 6.2%.
The index for the ‘Personal Care, Social Protection and Miscellaneous Goods and Services’ division rose by 0.3%. This increase was primarily due to a 0.3% rise in the ‘Personal Care’ group, driven by higher prices for 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: (-1.0%)
- Alcoholic Beverages, Tobacco and Narcotics: (+0.4%)
- Clothing and Footwear: (+0.2%)
- Housing, Water, Electricity, Gas and Other Fuels: (+2.4%)
- Furnishing, Household Equipment and Routine Household Maintenance: (+0.1%)
- Health: (+0.7%)
- Transport: (-0.2%)
- Information and Communication: (0.0%)
- Recreation, Sport, and Culture: (+0.1%)
- Restaurants and Accommodation Services: (0.0%)
- Personal Care, Social Protection and Miscellaneous Goods and Services: (+0.3%)
Point to Point Inflation Rate
Monthly Inflation Rate from March 2024 to March 2025
Disclaimer:
Analyst Certification – The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation (s) or view (s) expressed by that research analyst in this research report.
Company Disclosure – The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may affect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.
