The Statistical Institute of Jamaica (STATIN) is reporting a 0.5 per cent decline in inflation for the month of January 2015, which is the third consecutive monthly decline for the country.

STATIN says the fall in inflation was due mainly to lower food, electricity and transportation prices.

For the month of January, STATIN recorded a decline for ‘Food and Non-Alcoholic Beverages’, which fell by 0.2 per cent; ‘Housing, Water, Electricity, Gas and Other Fuels’, 3.4 per cent; and ‘Transport’, down by 1.6 per cent.

Lower prices for ‘Vegetables and Starchy Foods’; lower rates for water, sewerage and electricity, as well as a fall in the international price of crude oil, which impacted the local price for petrol, contributed to the decreases recorded.

The fiscal year-to-date inflation rate as at January 2015 was 4.1 per cent and the point-to-point rate (January 2015 to January 2014) was 5.3 per cent.

In the meantime, STATIN says the divisions that recorded increases for the month of January included ‘Alcoholic Beverages and Tobacco’, by 0.4 per cent; ‘Clothing and Footwear’, 0.9 per cent; ‘Furnishings, Household Equipment and Routine Household Maintenance’, 0.3 per cent, and ‘Health’, up 0.1 per cent.

Prices declined across all three regions for January with Greater Kingston Metropolitan Area recording 0.4 per cent decline; Other Urban Centres, 0.5 per cent and Rural Areas declined by 0.6 per cent.

By Oroyo Eubanks