The Statistical Institute of Jamaica (STATIN) is reporting that the inflation rate for June 2024 was 1.1 per cent.
STATIN’s Deputy Director General, Leesha Delatie-Budair, presented the key indicators during Wednesday’s (July 17) media launch of the Revised Labour Force Survey and Press Briefing, held at The Jamaica Pegasus hotel in New Kingston.
The All-Jamaica Consumer Price Index (CPI) increased from 134.9 for May 2024 to 136.4 in June 2024.
Delatie-Budair explained that this upward movement was largely due to a 1.4 per cent increase in the index for ‘Food and Non-Alcoholic Beverages’.
“The index for the Food and Non-Alcoholic Beverages division was influenced by a 6.8 per cent increase in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’, due to higher prices for items, such as tomato, carrot, yam and cabbage,” she noted.
The index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division increased by 0.8 per cent for the period.
This was mainly attributed to higher rates for electricity, which led to a 1.5 per cent increase in the index for the group ‘Electricity, Gas and Other Fuels’.
Also contributing to the divisional increase was the higher cost of rent, with actual rent increasing by 0.4 per cent and imputed rent up by one per cent.
However, the inflation rate for the division was tempered by a 1.8 per cent fall in the index of the group, ‘Water Supplies and Miscellaneous Services related to the Dwelling’, as a result of lower water and sewerage rates.
“There was a 1.3 per cent increase in the ‘Transport’ division due to the revised fare structure of the Jamaica Urban Transit Company (JUTC),” Delatie-Budair explained.
She advised that the point-to-point inflation rate for June 2023 to June 2024 for the CPI was 5.4 per cent.
This was influenced mainly by the point-to-point inflation rate for the divisions, Food and Non-Alcoholic Beverages, four per cent; Transport, 11.1 per cent, and Housing, Water, Electricity, Gas and Other Fuels, 5.4 per cent.
The calendar year-to-date inflation rate as of June 2024 was -0.3 per cent.
The Consumer Price Index measures changes in the general level of prices for consumer goods and services purchased by private households.
