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For July 2021, the All Jamaica Consumer Price Index (CPI) was 111.4, indicating an inflation rate of 1.5 per cent as released today by the Statistical Institute of Jamaica (STATIN). The movement in the CPI was largely due to an increase of 2.3 per cent in the index for the heavily weighted ‘Food and Non-Alcoholic Beverages’ division. Increases in the index for the divisions ‘Housing, Water, Electricity, Gas and Other Fuels’ (1.3 %), ‘Restaurant and Accommodation Services’ (3.2%) and ‘Transport’ (0.8 %) also contributed to the overall inflation rate.
The increase in the index for the ‘Food and Non-Alcoholic Beverages’ division was due to the upward movement of 7.0 per cent in the index for the class ‘Vegetables, tubers, plantains, cooking bananas and pulses’. This resulted from the continued price increase for some agricultural produce such as yams, potatoes, lettuce, cabbage, onions and tomatoes. The increase in the ‘Housing, Water, Electricity, Gas and Other Fuels’ division was due mainly to higher electricity, sewage and water rates. Higher prices for meals consumed away from home was the main contributor to the increase in the index for the division ‘Restaurant and Accommodation Services’, while the increase in the index for the ‘Transport’ division was mainly attributed to increased toll charges.
The point-to-point inflation rate (July 2020 – July 2021) was 5.3 per cent, the fiscal year-to-date inflation rate was 3.4 per cent, while the calendar year-to-date inflation rate was 3.8 per cent for the review period. The inflation rates for the three regions were: Greater Kingston Metropolitan Area (GKMA) 1.6 per cent, Other Urban Centres (OUC) 1.5 per cent and Rural Areas (RA) 1.4 per cent.
The Consumer Price Index (CPI) measures changes in the general level of prices of consumer goods and services purchased by private households. The July 2021 Consumer Price Index Bulletin outlines additional information and may be obtained from the Statistical Institute of Jamaica website at www.statinja.gov.jm or the Information Section at (876) 630-1619. Visit the Institute’s Facebook and Instagram pages @STATINJA for the July 2021 CPI infographic.
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The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.
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