Jamaica records -1.1 percent inflation for January

Jamaica recorded an inflation rate of -1.1 percent in January 2020, after it achieved a Consumer Price Index of 267.5. 

The Consumer Price Index measures changes in the general level of prices of consumer goods and services purchased by private households.

The figures were revealed earlier this week in the Consumer Price Index (CPI) Bulletin for January 2020 released by the Statistical Institute of Jamaica (STATIN).

The downward movement in January was mainly as a result of declines in the following divisions:

Food and non-alcoholic beverages declined by 1.4 percent, while housing, water, and electricity, gas and other fuels declined by 4.0 per cent; and Transport saw a decline of  0.7 per cent.

Significantly lower prices for agricultural produce resulted in a decline of 4.9 percent in the class vegetable and starchy foods. 

And lower rates for electricity resulted in the 9.1 per cent decline for the group electricity, gas and other fuels. 

But increased water and sewage rates led to a 7.2 per cent rise in the index for the group water supply and miscellaneous services related to the dwelling which tempered the downward movement of the division’s index.

Meanwhile, the point-to-point inflation for January was 5.2 percent while the fiscal year-to-date was 4.3 percent.

For the month of January 2020, the three regions recorded declines in their index numbers: Greater Kingston Metropolitan Area (GKMA) was -1.4 per cent, other urban centres (OUC) -1.3 per cent, and rural areas (RA) -0.8 per cent.