STATIN reports 2.1 per cent inflation rate for September

The Statistical Institute of Jamaica (STATIN) is reporting that the point-to-point domestic inflation rate for September stood at 2.1 per cent, marking a modest increase of 0.9 percentage points from the 60-year record low of 1.2 per cent recorded in August.

STATIN also indicates that the Consumer Price Index (CPI) rose by 0.8 per cent for the review period.

Acting Director of Administrative Statistics at STATIN, Siomara McDonald, made the disclosure during the Institute’s Quarterly Press Briefing at S Hotel in Kingston on Wednesday.

She indicated that the leading contributors to the inflation rate out-turn were the ‘Housing, Water, Electricity, Gas and Other Fuels’ division, which rose by 4.8 per cent, and the ‘Restaurants and Accommodation Services’ division, which increased by 4.1 per cent.

“However, this continued slowdown in the inflation rate is a result of low increases in two of the heavier-weighted divisions,” McDonald informed.

She cited ‘Food and Non-Alcoholic Beverages’, which rose by 0.7 per cent –significantly lower than the six per cent increase recorded for the corresponding period last year – and ‘Transport’, which moved up by 0.3 per cent, compared to a 9.1 per cent spike during the same period in the previous year.

Meanwhile, the Acting Director explained that the 0.8 per cent movement in the CPI reflects the overall change in the general price level of goods and services typically purchased by Jamaican households.

“The main contributors… were the ‘Food and Non-Alcoholic Beverages’ division, which rose by 0.9 per cent. The chief contributor to this upward movement was a one per cent increase in the index for the ‘Food’ group. The ‘Housing, Water, Electricity, Gas, and Other Fuels’ division, which increased by one per cent, was attributed to higher rates of electricity,” she informed.

McDonald further indicated that the 5.6 per cent increase recorded in the ‘Education’ division reflects adjustments in tuition fees and back-to-school-related expenses.

She said these overall movements underscore the ongoing impact of utility-related costs, price adjustments within the service sector, and seasonal factors that typically influence the cost of food and education.

- JIS News

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