STATIN reports 0.2% inflation rate for April


STATIN reports 0.2% inflation rate for April

Friday, July 03, 2020

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Jamaica's inflation rate for April 2020 was 0.2 per cent as the All Jamaica Consumer Price Index (CPI) moved from 103.5 in March 2020 to 103.7.

The Statistical Institute of Jamaica (STATIN) issued the new figures in a release on Wednesday.

The April 2020 bulletin introduces a new CPI series. The goods and services included in the new CPI basket and the weights associated with each item are based on the 2017 Household Expenditure Survey. The base price reference period for the new series is the 2019 calendar year.

The inflation rate for April 2020 was impacted by the reduction in the GCT rate from 16.5 per cent to 15.0 per cent with effect from April 1, 2020.

The heaviest weighted division — food and non-alcoholic beverages — recorded an increase in its index of 0.3 per cent.

This was due to the 0.3 per cent increase in the index for food.

The inflation rate for the division housing, water and electricity was 0.2 per cent due to an increase of 3.1 per cent in the index for the group water supply and miscellaneous services relating to dwelling.

A decline of 0.5 per cent was recorded for the division transport. This was mainly attributable to the reduction in the costs for petrol.

For the month of April 2020, the three regions — Greater Kingston Metropolitan Area (GKMA), Other Urban Centres (OUC), and Rural Areas (RA) — recorded an inflation rate of 0.2 per cent.

The CPI measures changes in the general level of prices of consumer goods and services purchased by private households.

It reflects the expenditure patterns of low- to middle-income households, representing quintiles one to four. That is households whose income fall below the 80th percentile. Currently, the CPI does not represent the consumption of upper-income households.

This CPI covers domestic consumption expenditure that takes place within the geographical boundaries of Jamaica, whether made by residents or non-residents. It excludes income taxes, charitable donations such as offerings, contributions made to pension plans, consumer savings and investments. Additionally, the revised CPI excludes some expenditures such as life insurance, betting and gaming and financial services.

The geographic coverage of the CPI is national. On a monthly basis, prices are collected from outlets across all 14 parishes of Jamaica, in both urban and rural areas. The CPI is designed to produce reliable estimates at both the regional and national levels.

The indices from all regions are aggregated to produce the All Jamaica “All-Items” CPI.

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