Jamaica Records Lowest Inflation Rate in 50 Years

Story Highlights

  • Jamaica has, for this calendar year up to October, recorded its lowest inflation rate of 2.9 per cent in almost 50 years.
  • According to reports from the Statistical Institute of Jamaica (STATIN), the rate for the September 2014 to October 2015 period was two per cent. Meanwhile, for the month of October this year, inflation was at 0.3 per cent.
  • This was revealed during an Economic Programme Oversight Committee (EPOC) monthly press briefing, held at the Sagicor Life Jamaica head office, in New Kingston, on December 10.

Jamaica has, for this calendar year up to October, recorded its lowest inflation rate of 2.9 per cent in almost 50 years.

According to reports from the Statistical Institute of Jamaica (STATIN), the rate for the September 2014 to October 2015 period was two per cent. Meanwhile, for the month of October this year, inflation was at 0.3 per cent.

This was revealed during an Economic Programme Oversight Committee (EPOC) monthly press briefing, held  at the Sagicor Life Jamaica head office, in New Kingston,  on  December  10.

Co-Chairman of EPOC, Richard Byles, said the upward pressure on the inflation index was exerted by food prices, particularly vegetables and starch foods, but it was tempered  by the effect of lower fuel prices on Electricity and Transport.

Mr. Byles said STATIN has also reported that the merchandise trade deficit for January to August 2015 stood at US$2.5 billion, a fall of 11.5  per cent when compared to the US$2.9 billion recorded in the similar period in 2014. This reduced trade deficit, he indicated, was largely the result of lower imports, in particular Fuels and Food.

“With the merchandise trade deficit closing up, the current account deficit is also closing up and we are headed towards a current account deficit of about three per cent, which is really super for a country like Jamaica, and internationally would be considered world class,” he said.

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