STATIN reports a 0.7% decrease in inflation for April

Jamaica's inflation rate is on a downward trend, with the rate for April 2024 falling by 0.7 per cent. This decline has pushed the point-to-point inflation rate from April 2023 to April 2024 to 5.3 per cent, which is 0.3 percentage points lower than the rate for the previous year. The Statistical Institute of Jamaica (STATIN) released its latest All Jamaica Consumer Price Index (CPI) Bulletin on Wednesday, highlighting the changes in inflation rates and the main contributors to these changes. According to STATIN, the divisions of 'Food and Non-Alcoholic Beverages' (5.3%), 'Transport' (9.5%), and 'Housing, Water, Electricity, Gas, and Other Fuels' (5.0%) were the main contributors to the inflation rate. For the year-to-date, the inflation rate was recorded at -1.8 per cent, indicating a negative trend in overall prices. The decrease of 0.7 per cent in the CPI for April resulted in the index moving from 135.1 in March to 134.2. This decrease in the Consumer Price Index for April was primarily due to a 2.3 per cent decline in the index for the 'Housing, Water, Electricity, Gas, and Other Fuels' division, driven by lower rates for electricity, water, and sewage. Additionally, a 0.6 per cent fall in the index for the 'Food and Non-Alcoholic Beverages' division also contributed to the downward movement in the inflation rate. The index for the 'Food' group saw a decline of 0.7 per cent, while the index for the 'Non-Alcoholic Beverages' group rose by 0.4 per cent. The decrease in the 'Food' group index was primarily influenced by a 3.7 per cent decline in the index for the class 'Vegetables, tubers, plantains, cooking bananas, and pulses' due to lower prices for agricultural produce. STATIN noted that average prices were also lower for items in the classes 'Ready-made food and other food products n.e.c' (1.1%) and 'Fruits and nuts' (0.6%). The fall in the 'Food' group index was offset by a 0.5 per cent increase in the index of the class 'Cereal and cereal products', mainly influenced by higher prices for rice. Additionally, the index for the 'Transport' division fell by 0.6 per cent, reflecting a decline in the index for the class 'Passenger Transport Services'. This decline in transportation costs contributed to the overall decrease in the inflation rate for April. Overall, the combination of lower prices for housing, food, and transportation has led to a downward trend in inflation rates in Jamaica. STATIN will continue to monitor these factors and provide updates on the Consumer Price Index to inform policymakers and the public about changes in inflation and its impact on the economy. https://therealcrimediary.com/statin-reports-a-0-7-decrease-in-inflation-for-april/?feed_id=57258&_unique_id=66d3ae9f5db8b

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