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Inflation for 2021 exceeds BOJ target again at 7.3%

The Statistical Institute of Jamaica (STATIN) says inflation for the 12 months to December 2021 was 7.3 per cent, again exceeding the Bank of Jamaica's four to six per cent target.
 
Director General Carol Coy says the increased prices were driven largely by a rise in the cost of electricity. 
 
At the same time, STATIN says the inflation rate for December 2021 was 0.8 per cent. 
 
This was due mainly to the 4.7 per cent increase in the index for the division, 'Housing, Water, Electricity, Gas and Other Fuels'.
 
The upward movement in the index for this division was mainly due to increased electricity, water and sewage rates.
 
The inflation rate for December was tempered, however, by the 0.5 per cent decrease in the index for the heaviest weighted division, 'Food and Non-Alcoholic Beverages'. 
 
This was due mainly to a 5.6 per cent drop in the price of vegetables, bananas and tubers. 
 
The surplus of some produce also influenced the reduced food prices.
 
For the second consecutive month, the index for the group 'Food' declined, moving down by 0.6 per cent. 


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