The annual inflation rate in Jamaica increased to 4.3 percent in July of 2019 from 4.2 percent in the previous month. Cost rose faster for food & non-alcoholic beverages (7.8 percent from 6.3 percent in June), namely vegetables (25.1 percent from 18 percent) and meat (3.4 percent from 3.2 percent); miscellaneous goods & services (2.4 percent from 2.3 percent) and alcoholic beverages & tobacco (2.2 percent from 2.1 percent). Meanwhile, inflation was steady for communication (at 0.1 percent); recreation & culture (at 1.4 percent) and education (at 4.2 percent). On the other hand, prices slowed for restaurant & hotels (1.5 percent from 1.7 percent); furniture & household goods (4.8 percent from 4.9 percent) and clothing & footwear (2.3 percent from 2.4 percent). On a monthly basis, consumer prices rose 1.1 percent, rebounding from a 0.1 percent fall in June. Inflation Rate in Jamaica averaged 8.94 percent from 2002 until 2019, 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 3.70 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 4.70 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.