Advertisement

Living costs increase slower than forecast

Living costs rose much slower than anticipated in the September quarter of the year.

The Statistical Institute of Jamaica released data on Friday which showed consumer prices in the July to September quarter, rose by an average 1.3%.

The increase was slower than the Bank of Jamaica's forecast.

The Central Bank in August said it expected consumer prices in the September quarter to rise in the region of 1.5% to 2.5%.

In September alone, living costs went up by half a percent.

The biggest contributor to higher consumer prices in September was the rise in the cost of tuition fees for the new school term.

Over the nine month period from January to September, prices went up 8.2%.

From April to September, consumer prices have so far increased by 4%.

The recently announced increases in the price of gasoline, flour, chicken and other meats will be reflected in the inflation rate of October which will be released in mid November.

And with food prices set to increase due to the higher cost of commodities such as wheat, corn and soybean on the international markets, Jamaicans are being told it is not the genesis of a new food crisis.

General Manager of the Jamaica Flour Mills, Derrick Nembhard says the increase in commodity prices because of supply constraints, may just bring technocrats to find ways of increasing production of the various commodities.  

So far the increases in commodity prices have forced the United Nations Food and Agricultural Organization to start devising ways to stave off a new global food crisis.

The last global food crisis in 2008, led to mass protests and civil unrests in countries worldwide.

 

 



Most Popular
Police lay several charges against...