KINGSTON, Jamaica, CMC—The Bank of Jamaica (BOJ) said Tuesday it had taken note of the inflation outturn for March this year. An analysis of the numbers shows that the downward movement in the Consumer Price Index (CPI) was primarily influenced by a 1.8 percent decline for the heaviest-weighted division, food and non-alcoholic beverages.
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 percent.
It said that the inflation rate for March this year was -0.5 percent, the third consecutive month in which the All Jamaica Consumer Price Index declined to 135.1 from 135.8 in February 2024.
This downward movement in the CPI for March 2024 was mainly influenced by a 1.8 percent decline in the index for the heaviest weighted division, ‘Food and Non-Alcoholic Beverages, ’ SATIN added.
The BOJ said it “welcomes the reduction in headline inflation, which was 0.6 percentage points lower than the 6.2 percent point-to-point inflation rate for February 2023 to February 2024 and lower than our most recent forecast.
“The Bank notes that this is the second consecutive month of decline in headline inflation, which is a positive development and the first time that the inflation outturn has been within the Bank’s target range since October 2023.”
The BOJ said while it had anticipated a decline in food and non-alcoholic beverages, the contraction was more significant than expected and reflected reductions in the prices of some agricultural produce, such as tomato, yam, sweet potato, cabbage, and carrot.
The Bank’s Monetary Policy Committee said it will continue to closely monitor inflation numbers and other incoming data over the ensuing months to assess the extent to which the current level of inflation will be sustained before determining whether to change the Bank’s monetary policy stance.
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