Inflation rose by half a per cent in December, according to the latest All-Jamaica Consumer Price Index (CPI) published by the Statistical Institute of Jamaica (STATIN).

The 0.5 per cent increase was mainly due to an upward movement of 2.5 per cent in the index for the ‘Housing, Water, Electricity, Gas and Other Fuels’ category, as a result of higher prices for rent, electricity, water and sewage rates. An increase of 0.3 per cent in the index for the ‘Food and Non-Alcoholic Beverages’ category also contributed to the inflation. 

According to STATIN, the upward movement in the category was due primarily to increases in the index for the classes ‘Ready-made Food and Other Products n.e.c’ (4.2 per cent) and Fruit and Nuts’ (1.8 per cent). The overall inflation rate for December 2023 was tempered by a fall of 0.4 per cent in the index for the ‘Transport’ category, due to lower fuel prices. 

The point-to-point inflation rate (December 2022 – December 2023) was 6.9 per cent. This was influenced mainly by the point-to-point inflation rate for the categories: ‘Food and Non-Alcoholic Beverages’ (8.7 per cent), ‘Transport’ (10.6 per cent) and ‘Restaurants and Accommodation services’ (9.4 per cent). 

For the fiscal year-to-date, the inflation rate was 7.3 per cent, while that for the calendar year–to–date up to December 2023 was 7.5 per cent.

The Consumer Price Index (CPI) measures changes in the general level of prices for consumer goods and services purchased by private households.