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Consumer Price Index shows 1% increase in June Loop Jamaica

The Statistical Institute of Jamaica (STATIN) released its report on the All-Jamaica Consumer Price Index (CPI) for June 2023, revealing a one per cent increase.

This upward movement was primarily driven by a 1.3 per cent increase in the index for the heavily weighted division of ‘Food and Non-Alcoholic Beverages’.

Additionally, the inflation rate for June was influenced by notable increases in the divisions of ‘Restaurant and Accommodation Services’, up by 4.2 per cent, and ‘Furnishings, Household Equipment and Routine Household Maintenance’, which saw a rise of 6.4 per cent.

STATIN noted that the rise in the ‘Food and Non-Alcoholic Beverages’ division was primarily attributed to the class ‘Vegetables, tubers, plantains, cooking bananas, and pulses’, which experienced a significant increase of 5.3 per cent.

This increase was driven by higher prices for products such as carrots, tomatoes, lettuce, yams, and onions. Similarly, the division of ‘Restaurant and Accommodation Services’ was impacted by increased prices for meals and drinks consumed outside the home.

However, the overall inflation rate was moderated by a 0.8 per cent decline in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ division. This decrease was mainly due to reductions in rates for electricity, water, and sewage.

STATIN also highlighted that the Jamaican government’s approval of a 44.4 per cent increase in the National Minimum Wage resulted in a 6.4 per cent rise in the index for the ‘Furnishings, Household Equipment and Routine Household Maintenance’ division.

In terms of the point-to-point inflation rate, which compares June 2022 to June 2023, it stood at 6.3 per cent. This rate was mainly influenced by the point-to-point inflation rates for the divisions of ‘Food and Non-Alcoholic Beverages’ (10.3 per cent), ‘Restaurants and Accommodation Services’ (12.8 per cent), and ‘Furnishings, Household Equipment and Routine Household Maintenance’ (11.4 per cent).

For the fiscal year-to-date, the inflation rate amounted to 1.6 per cent, according to STATIN’s findings.