FINANCE & PUBLIC SERVICE
The All-Jamaica Consumer Price Index (CPI) increased by 1.2 per cent in May 2021 as released today by the Statistical Institute of Jamaica (STATIN). The increase in the inflation rate was impacted by a 3.4 per cent upward movement in the index for the ‘Housing Water, Electricity, Gas and Other Fuels’ division. The index for the heaviest weighted division ‘Food and Non-Alcoholic Beverages’ rose by 1.1 per cent. While the index for the ‘Transport’ division advanced by 0.7 per cent in the CPI.
The movement in the ‘Food and Non-Alcoholic Beverages’ division was mainly attributed to higher prices for starchy tubers such as yam, green banana, and potatoes, which resulted in an upward movement of 3.0 per cent in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses. The 0.7 per cent increase in the index for the ‘Transport’ division was largely due to higher prices for fuels.
The increase in the ‘Housing Water, Electricity, Gas and Other Fuels’ division, was due primarily to the upward movements in the rates for electricity, water and sewage. This movement was impacted by the 9.6 per cent increase in the index for the group ‘Electricity, Gas and Other Fuels’ and a 2.0 per cent increase in the index for the group ‘Water Supply and ‘Miscellaneous Services Related to the Dwelling’. Higher electricity rates were responsible for the movement in the former group, while increased water and sewage rates impacted the latter.
For the review period, the calendar year-to-date the inflation rate was 1.7 per cent, while the fiscal-year to date (April 2021 – May 2021) inflation rate was 1.2 per cent and the point-to-point (May 2020 – May 2021) was 5.0 per cent. The inflation rates for the three regions were: Greater Kingston Metropolitan Area (GKMA) 1.1 per cent, Other Urban Centres (OUC) 1.2 per cent and Rural Areas (RA) 1.2 per cent.
The Consumer Price Index (CPI) measures changes in the general level of prices of consumer goods and services purchased by private households. The May 2021 Consumer Price Index Bulletin outlines additional information and may be obtained from the Statistical Institute of Jamaica website at www.statinja.gov.jm or the Information Section of the Institute at (876) 630-1619. Visit the Institute’s Facebook and Instagram pages @STATINJA for the May 2021 CPI infographic.