Consumer prices in Jamaica increased at a faster pace of 4.7 percent year-on-year in October 2018, following a 4.3 percent jump in the previous month. It was the highest inflation in nine months, as the prices of food & beverages climbed 5.6 percent, compared to 4.1 percent in September, as prices for vegetables climbed by 13.3 percent (vs +7.3 percent) and those for fruit by 11.1 percent (vs 10.4 percent). This increase overshadowed a downturn in prices for utilities, which still rose a well above average 7.3 percent (vs +10.5 percent). Also, prices for alcohol & tobacco increased at a softer pace of 1.8 percent (vs 2.2 percent). On a monthly basis, consumer prices increased 0.7 percent after climbing 1.1 percent in the previous month. Inflation Rate in Jamaica averaged 9.14 percent from 2002 until 2018, reaching an all time high of 26.49 percent in August of 2008 and a record low of 1.60 percent in November of 2016.
Inflation Rate in Jamaica is expected to be 4.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Jamaica to stand at 4.50 in 12 months time. In the long-term, the Jamaica Inflation Rate is projected to trend around 4.70 percent in 2020, according to our econometric models.