The Statistical Institute of Jamaica (STATIN) is reporting that the inflation rate for August was 1.1%. This is 0.3% less than the 1.4% recorded in July.
STATIN says the rate for August was caused by a 2.7% increase in prices for food and non-alcoholic beverage.
In its monthly Consumer Price Index, released on Monday, September 15, STATIN noted that “food increased by 2.8% as production levels of some agricultural crops declined, due to the continued drought conditions across the island.”
However, the entity says the impact of the increases in food and beverages was moderated by a 1.3% decline in the index for the division, ‘Housing, Water, Electricity, Gas and other Fuels.’
This decline was as a result of a fall in the cost of electricity and a 0.2% fall in the cost of transportation, due to lower fuel prices.
As at August 2014, the inflation rate for the calendar year-to-date was 5.0%, the fiscal year-to-date 3.3% and the point-to-point 9.8%.
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