A report from the Statistical Institute of Jamaica (STATIN) has reported that the all Jamaica Consumer Price Index for October 2020 was 106.9, indicating an inflation rate of 0.8 per cent. This increase was largely as a result of the 1.0 per cent increase in the index for the heavily weighted division ‘Food and Non-Alcoholic Beverages’ division. According to the Consumer Price Index (CPI) Bulletin – October 2020 released on Monday, November 16, 2020 by STATIN.
The division ‘Restaurants and Accommodation Services’ recorded an increase of 3.1 per cent due mainly to increased prices for some meals consumed away from home.
The ‘Housing Water, Electricity, Gas and Other Fuels’ division also impacted the movement in the inflation rate with the index increasing by 0.7 percent. This was due mainly to higher rates for electricity, water, and sewage which resulted in the index for the groups ‘Electricity, Gas and Other Fuels’ and ‘Water Supply and Miscellaneous Services Related to Dwelling’ increasing by 1.9 percent and 0.9 percent respectively.
The overall movement in the inflation rate was moderated by a 0.1 per cent decline in the index for the ‘Transport’ division, influenced by lower petrol prices. For the review period, the calendar year-to-date inflation rate was 4.4 per cent, the point-to-point 5.0 per cent, and the fiscal year-to-date was 3.1 per cent as of October 2020.
The October 2020 inflation rate for the three regions are Greater Kingston Metropolitan Area (GKMA) 0.8 percent, Other Urban Centres (OUC) 0.7 per cent and Rural Areas (RA) 0.8 per cent. The Consumer Price Index (CPI) measures changes in the general level of prices of consumer goods and services purchased by private households.