Inflation is inching closer to the Bank of Jamaica’s lower target of 4%.
According to data from the Statistical Institute of Jamaica, STATIN, inflation between April last year and April this year, is just below the target, at 3.9%.
The country has missed the target for the past four months, even as Jamaica moves towards inflation targeting.
It’s forced the Bank of Jamaica to take corrective measures over the past few months, including lowering its policy rate and reducing the cash reserve, in an attempt to encourage banks to lend more and on better terms.
According to STATIN, inflation in April was 0.1%.
This was mainly due a half-a-percent rise in food prices.
Transport prices also rose 0.4% due to higher gas prices.
However, prices in several other categories fell, including electricity and water.
Inflation for the calendar year to date is now at 0.8%.
Inflation in April was highest in the Greater Kingston Metropolitan Area, where prices rose 0.2%.
Prices in Rural Areas increased by 0.1%.
However, consumer prices fell by 0.1% in Other Urban Centres.