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Inflation rose by 0.4 per cent in August
2013-09-19 17:45:36 | (0 Comments)
Jovan Johnson, Gleaner Writer
The Statistical Institute of Jamaica (STATIN) is reporting an increase in the inflation rate for August, over the previous month.
Inflation, which rose by 0.4 percent last month, measures the change in the Consumer Price Index (CPI).
The CPI is the main indicator of the movement of prices that is used in most countries.
STATIN says the highest movement within a division was recorded in transport.
The movements were mainly because of increased prices for petrol and petrol-related products, as well as motor vehicles and airfare.
The year–to-date inflation rate was 4.8 per cent, 1.5 percentage points above the 3.3 per cent that was recorded for the similar period last year.
In August, the Bank of Jamaica (BOJ) predicted that inflation rate for the quarter ending September would increase in the range of 2-3 per cent.
The BOJ has also maintained its 8.5 per cent-10.5 per cent inflation projection for the 2013-2014 fiscal year.
BOJ Governor Brian Wynter said a cautious assessment of near term risks suggests that inflation may increase at the higher end of projections.
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Source: The Gleaner/Power 106 News
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