Inflation Unchanged For November 2018

The inflation rate for the month of November 2018, registered 0.0% – or completely unchanged. This is remarkably, the second unchanged reading of the year (with May being the first) and even more notably, only the second time in at least the last 9 years that STATIN has recorded an unchanged inflation rate for a month.

Inflation rate for the year to date now stands at 3.54% and diGJamaica projects that inflation will come in below 2017’s 5.25%.

The inflation rate for the fiscal year to date (April 2018 to March 2019) is now 4.21%, but with the prices of oil falling it is too early to tell if this will exceed last fiscal year’s inflation rate of 3.68%, although it is looking likely.

Point to point inflation (November 2017 to November 2018) is 4.08% versus last year’s figure of 4.97%.

STATIN’s official press release offered some insight into the flat inflation rate:

“This movement was influenced by a 0.3 per cent increase in the index for the division ‘Food and Non-Alcoholic Beverages’. This was as a result of higher prices for vegetables, starchy foods and fruits.

However this increase was tempered by a 0.8per cent decline in the division ‘Housing, Water, Electricity, Gas and Other Fuels’ due mainly to reduced rates for electricity despite the increased rates for water and sewage. Additionally the ‘Transport’ division also
declined by 0.7 per cent as a result of a decrease in the price for petrol.”
Hopefully you enjoyed some of the decreases in the petrol, water, electricity and other fuel prices!