KINGSTON, Jamaica, CMC—The Financial institution of Jamaica (BOJ) stated Tuesday it had taken observe of the inflation outturn for March this 12 months. An evaluation of the numbers reveals that the downward motion within the Shopper Value Index (CPI) was primarily influenced by a 1.8 p.c decline for the heaviest-weighted division, meals and non-alcoholic drinks.
The Statistical Institute of Jamaica (STATIN) reported on Monday that the 12-month point-to-point inflation (March 2023 to March 2024) was 5.6 p.c.
It stated that the inflation price for March this 12 months was -0.5 p.c, the third consecutive month through which the All Jamaica Shopper Value Index declined to 135.1 from 135.8 in February 2024.
This downward motion within the CPI for March 2024 was primarily influenced by a 1.8 p.c decline within the index for the heaviest weighted division, ‘Meals and Non-Alcoholic Drinks, ’ SATIN added.
The BOJ stated it “welcomes the discount in headline inflation, which was 0.6 share factors decrease than the 6.2 p.c point-to-point inflation price for February 2023 to February 2024 and decrease than our most up-to-date forecast.
“The Financial institution notes that that is the second consecutive month of decline in headline inflation, which is a constructive improvement and the primary time that the inflation outturn has been inside the Financial institution’s goal vary since October 2023.”
The BOJ stated whereas it had anticipated a decline in meals and non-alcoholic drinks, the contraction was extra important than anticipated and mirrored reductions within the costs of some agricultural produce, equivalent to tomato, yam, candy potato, cabbage, and carrot.
The Financial institution’s Financial Coverage Committee stated it’ll proceed to intently monitor inflation numbers and different incoming knowledge over the following months to evaluate the extent to which the present stage of inflation shall be sustained earlier than figuring out whether or not to vary the Financial institution’s financial coverage stance.
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