Inflation Rises to 3.2%

The Statistical Institute of Jamaica, STATIN, says higher petrol costs contributed to a rise in inflation in July.

The inflation rate now stands at 3.2 percent year over year, following inflation of 1-percent in July.

This brings the nation closer to the IMF’s target of at least 3.5 percent, and the Bank of Jamaica’s target of at least 4-percent inflation.

The missed target triggered a meeting with the IMF last week. STATIN released the Consumer Price Index for July yesterday.

It notes that an increase in transportation costs, primarily because of higher petrol prices, contributed higher inflation in July.

Prices in the category “Electricity, gas and other fuels” rose by almost 6-percent.

Food prices also rose by almost 1-percent, mostly because the price of vegetables and starchy foods like carrots and yams went up.

Meanwhile, the Planning Institute of Jamaica, PIOJ, is scheduled to release the latest economic growth figures later this morning.

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