0.3 Per Cent Fall In Inflation for December

The Statistical Institute of Jamaica (STATIN) is reporting that inflation fell by 0.3 per cent in December 2014 when compared to November 2014.

STATIN says the All Jamaica ‘All Divisions’ Consumer Price Index (CPI), which measures the change in the price level of goods and services purchased by a household, was 224.1 in December, compared to 224.9 in November 2014.

The fall in inflation resulted from a 0.6 percent decrease in ‘Food & Non-Alcoholic Beverages’ division, which STATIN says was due mainly to lower prices for vegetables.

Lower rates were also recorded for water and sewerage, in addition to a reduction in the cost of electricity contributing to a 1.2 percent decline in the division of ‘Housing, Water Electricity gas and other fuels.’ The fall in global oil prices also contributed to a decline of 0.4 percent in the Transportation division.

This recent fall in inflation has resulted in a 6.4 percent movement in both the calendar year-to-date and the point-to-point inflation rate for the December 2014 period. This means that the year-to-date movement as at December 2014 was 4.6 per cent.

In the meantime STATIN says some sectors of the economy recorded increases in December; these included ‘Alcoholic beverages and Tobacco’ ‘Clothing and Footwear’, ‘Furnishings, Household Equipment and Routine Maintenance.’

Sectors which remained unchanged during the period were Restaurants and Accommodation Services as well as Education’ and Communication.

STATIN says lower prices were recorded in all three regions, with prices falling by 0.3 per cent in the Greater Kingston Metropolitan Area, and by 0.4 percent in Rural Areas and other Urban Centres.