Jamaica´s Economy Faces 19 Percent Inflation

Consumer prices in Jamaica jumped 2.6 percent in September, pushing inflation for the first half of the fiscal year to 10.2 percent, and a 12 month total of 19 percent, according to the Statistical Institute of Jamaica (STATIN).

Price increases in September were recorded in all groups measured index in the basket of goods used by STATION. But the largest growth was in transportation, driven by higher prices for petroleum products and the increase in bus fares, which moved in August from $30 one stage and $40 two stage to a flat $50 in August.

The increase in oil prices also reflected 1.9 percent increase in the cost of domestic fuels, states the report.

Increased tuition fees also pushed up the index during the back-to-school month of September. It contributed significantly to the 3.7 percent increase in Miscellaneous Expenses category.

Higher prices were felt most in the Corporate Area, where the index moved up 3.3 percent. Other towns had 1.5 percent inflation, while the index for ´rural areas´ increased by 2.3 percent.