Jamaica inflation hits 6.7% as taxi fares, food and fuel costs climb

Jamaica’s consumer prices rose 0.8% in June, pushing the annual point-to-point inflation rate to 6.7%, the Statistical Institute of Jamaica (STATIN) reported.

STATIN said the monthly increase was driven mainly by higher transport costs after taxi fares went up. Food prices also advanced, with carrots, onions and sweet peppers among the items that became dearer. Higher electricity charges and household rents added to the pressure. The 6.7% year-on-year reading reflected gains in food, transport and housing.

On the aviation front, LIAT Air operated its first flight from Guadeloupe to Montego Bay on Thursday with 33 passengers aboard. The new link is meant to ease travel within the Caribbean, where island-to-island journeys have often been harder and costlier than trips to North America, constraining trade, investment and family ties. Officials framed the route as opening Jamaica to the French Caribbean and a wider European market, and as a bridge for tourism, culture and business. The carrier projects about 12,000 passengers in the first year and begins with two flights a week, with ambitions to move toward daily service and broader regional links.

Motorists face higher pump prices from tomorrow. Petrol stations will lift 87 and 90 gasoline by $3.06 a litre each. Automotive diesel and ultra-low sulphur diesel rise by $12.50 a litre, kerosene by $4.50, and propane and butane by $1.89 each. The adjustments include mark-ups on Petrojam’s ex-refinery rates.

On the Jamaica Stock Exchange, the main index fell 1,368 points while the Junior Market index gained 20 points. Leading advancers included Dolphin Cove, Caribbean Cream, MPC Caribbean Clean Energy, Access Financial and Sagicor Real Estate X Fund. Declining issues were led by Jamaica Public Service 9.5%, Blue Power Group, AMG Packaging and Paper Company, Eppley Caribbean Property Fund and Medical Disposables and Supplies. Twenty-four stocks traded firm.

At the close of foreign-exchange trading, banks and cambios sold the US dollar at an average $158.96, the Canadian dollar at $112.79, the pound at $212.59 and the euro at $182.59.