Inflation rate drops - STATIN
The Statistical Institute of Jamaica (STATIN) is reporting that the inflation rate for August was 1.1 per cent, which is a point three percentage point decline when compared with July.
It says there was a 2.7 per cent increase in the prices of food and non-alcoholic beverages in August but it says this was moderated by a 1.3 per cent decline in the index for ‘Housing, Water, Electricity, Gas and other Fuels.
In July, food and beverage prices had increased by 2.0 per cent while Housing, Water, Electricity, Gas and other Fuels had also gone up by 2.2 per cent.
STATIN says the rate for August was caused by a 2.7 per cent increase in prices for food and non-alcoholic beverages.
The latest figures are contained in STATIN’s Consumer Price Index released yesterday.
Giving the breakdown for the food and beverages category, STATIN said food increased by 2.8 per cent because the production levels of some agricultural crops declined, due to the continued drought conditions across the island.
It says this resulted in higher prices for the classes ‘Vegetables and Starchy Foods’ and ‘Fruit’.
Meanwhile, it says the decline in the Housing, Water, Electricity, Gas and other Fuels category was as a result of a fall in the costs of electricity and transportation, due to lower fuel prices.
STATIN says as at August 2014, the inflation rate for the calendar year-to-date was 5.0 per cent.
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