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MAY 2003VOLUME 13 - NO. 5
1
Figure 3 Figure 4
Figure 1 Figure 2
Figure 5 Figure 6
Commercial Bank Weighted Domestic Interest Rates Feb 2002 - Feb 2003
0
2.5
5
7.5
10
12.5
15
17.5
20
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Months
Per
Cen
t
DepositRate Loan Rate
12-Month Point to Point Inflation RatesFeb 2002 - Feb 2003
-1
2.5
6
9.5
Jan-02 Feb-02 Mar-02 Apr-02 May-
02
Jun-02 Jul-02 Aug-02Sep-02 Oct-02Nov-02 Dec-02 Jan-03 Feb-03 Mar-03
Months
Per
Cen
t
BOJ Net International ReserveFeb 2002 - Mar 2003
0
500
1,000
1,500
2,000
2,500
Jan-02
Feb-02
Mar-02
Apr-02
May-02
Jun-02
Jul-02
Aug-02
Sep-02
Oct-02
Nov-02
Dec-02
Jan-03
Feb-03
Mar-03
Months
US
$MN
Money Supply M1Jan 2002 - Feb 2003
0
10000
20000
30000
40000
50000
60000
Jan-
02
Feb-
02
Mar-
02
Apr-
02
May-
02
Jun-
02
Jul-
02
Aug-
02
Sep-
02
Oct-
02
Nov-
02
Dec-
02
Jan-
03
Feb-
03
Months
J$M
N
Money Supply (M1) Curr with Public Demand Deposits
Commercial Banks Loans and DepositsJan 2002 - Feb 2003
0.0020000.0040000.0060000.0080000.00
100000.00120000.00140000.00160000.00180000.00200000.00
Jan-
02
Feb-
02
Mar-
02
Apr-
02
May-
02
Jun-
02
Jul-
02
Aug-
02
Sep-
02
Oct-
02
Nov-
02
Dec-
02
Jan-
03
Feb-
03
Months
Loans**
Deposits
Estimated Tourism Expenditure Jan 2002 - Feb 2003
0
20
40
60
80
100
120
140
Jan-02 Feb-02 Mar-02 Apr-02 May-02 Jun-02 Jul-02 Aug-02 Sep-02 Oct-02 Nov-02 Dec-02 Jan-03 Feb-03
Months
2
1. MONETARY AGGREGATES (J$mn.)Local and Foreign CurrencyMoney Supply (M1)....................................................
(a) Currency with the Public.................................(b) Demand Deposits (adj.)***..............................
Quasi-Money..............................................................(a) Time.................................................................(b) Savings.............................................................
Money Supply (M2)....................................................Domestic Credit (net)..................................................
Local CurrencyMoney Supply (M1)...................................................
(a) Currency with the Public.................................(b) Demand Deposits (adj.)***..............................
Quasi-Money..............................................................(a) Time.................................................................(b) Savings.............................................................
Money Supply (M2)....................................................Domestic Credit (net)..................................................
Base Money................................................................
II. COMMERCIAL BANKS (J$mn.)Assets & Liabilities (J$mn.)**....................................
Loans** .......................................................................Agriculture..............................................................Manufacturing........................................................Construction & Land Development........................Mining.....................................................................Tourism...................................................................Transport, Storage & Communication....................Consumer-Oriented................................................Government Services..............................................Other.......................................................................
DEPOSITS..................................................................Private Sector (including overseas residents).........
Time...................................................................Savings..............................................................Demand.............................................................
Government............................................................Time...................................................................Savings..............................................................Demand.............................................................
Public Entities.........................................................Time...................................................................Savings..............................................................Demand.............................................................
Feb 200342,576.4618,356.5624,219.90
112,495.2529,345.3183,149.94
155,071.71168,640.58
Feb 200336,358.0518,356.5618,001.4972,145.2117,436.1154,709.10
108,503.26150,068.27
Mar 2003*32,499.96
Feb 2003271,166.20
78,393.321,586.783,712.524,113.46
149.797,270.315,703.41
26,776.0925,397.373,683.59
Feb 2003178,114.53149,135.30
34,165.5589,579.2925,390.46
14,769.22717.81
1,436.4212,614.99
6,410.72 2,783.502,292.101,335.12
Feb 200242,941.8916,677.1926,264.70
102,915.9330,205.1272,710.81
145,857.82149,544.16
Feb 200236,305.3616,677.1919,628.1771,423.7520,520.8250,902.93
107,729.11138,437.38
Mar 2002+30,221.45
Feb 2002240,824.40
50,586.271,472.503,298.311,962.17
116.035,313.833,573.90
21,140.6312,197.68
1,511.22
Feb 2002160,174.14138,119.1832,729.3878,238.9627,150.84
10,970.17418.27344.74
10,207.16
5,823.843,733.38
728.191,362.27
% Change p.a.
-0.8510.07-7.799.31
-2.8514.366.32
12.77
0.1510.07-8.291.01
-15.037.480.728.40
7.54
15.05
54.977.76
12.56109.64
29.1036.8259.5926.66
108.21143.75
11.207.984.39
14.49-6.48
34.6371.61
316.6723.59
10.08-25.44214.77
-1.99
Jan 2003+45,308.3918,122.0827,186.31
112,635.7130,361.1882,274.53
157,944.10156,718.58
Jan 2003+38,649.8118,122.0820,527.7372,874.4718,110.7854,763.69
111,524.28138,602.36
Feb 2003 +32,495.01
Jan 2003272,976.25
76,096.751,653.593,586.893,715.30
113.177,102.655,656.15
25,750.7924,189.06
4,329.15
Jan 2003181,773.02151,283.07
35,065.1288,680.2527,537.70
14,544.39625.66
1,371.1512,547.58
6,175.43 3,745.551,204.431,225.45
** Includes provision for loan losses; and excludes loans acquired by FINSAC. *** Excludes Deposits of Government, Public Entities, Financial Institutions and Overseas Residents. * Provisional
+ Revised
3
Feb 20037,799.291,789.611,094.974,914.71
Mar 2003519.55
Feb 200330.59
1.979.310.500.007.85
10.9623.00
Mar 2003
9.45-13.158.50-13.155.00-45.00
8.1824.73
Feb 20039.31
17.44
Apr 2003 -
30.34--
Apr 2003
15.0015.3020.0024.0028.0032.5033.00
Mar 20032.00-4.502.00-4.502.00-6.00
3.25-4.753.50-4.753.50-6.25
8.00-14.00
2.72
Jan 20039,770.131,729.911,684.296,355.93
Feb 2003450.79
Jan 200336.03
2.409.730.680.007.20
16.0223.00
Feb 2003
8.00-13.158.50-13.151.00-38.00
8.5924.73
Jan 20039.00
18.12
Mar 2003 -
33.47--
Mar 2003
15.0015.3020.0024.0033.1534.5035.95
Feb 20032.00-4.502.00-4.502.00-6.00
2.00-4.752.00-4.752.00-6.25
10.00-16.00
3.47
II. COMMERCIAL BANKS (J$mn.) (Cont'd)
Spec. & O. F. Insts..................................................Time.................................................................Savings.............................................................Demand............................................................
Current Account Balances (J$mn.).........................
LIQUIDITY (Average) %Actual Liquid Assets Ratio......................................
Cash.................................................................Deposits with B.O.J.........................................Treasury Bills...................................................Equity Investment Bonds.................................Local Registered Stocks...................................Other................................................................
Statutory Requirement.............................................
III. SELECTED INTEREST RATES (%)COMMERCIAL BANKS (Domestic Currency)
Fixed Deposits (J$100,000 & over)3-6 months..........................................................9-12 months........................................................Call Deposits......................................................
Savings Deposits (average rate)...............................Average Loan Rate..................................................
Weighted Fixed Deposits Rate................................Weighted Loan Rate................................................
G.O.J. Treasury Bills (Weighted Average) Yield 3 Months:........................................................
6 Months:........................................................ 9 Months:........................................................12 Months:........................................................
BOJ Reverse Repurchase Rates (%) 30-Day ..................................................................... 60-Day ..................................................................... 90-Day ..................................................................... 120-Day .................................................................... 180-Day .................................................................... 270-Day .................................................................... 360-Day ....................................................................
COMMERCIAL BANKS (Foreign Currency) Fixed Deposits (Under US$100,000)
1-3 months..........................................................3-6 months..........................................................6-12 months........................................................
Fixed Deposits (US$100,000 & Over)1-3 months..........................................................3-6 months..........................................................6-12 months........................................................
Foreign Currency Loan Rates (%)........................... Foreign Currency Deposit Rates
Savings (average)%..............................................
Feb 20025,260.951,028.90
647.163,584.89
Mar 2002 195.04
Feb 200241.90
1.7010.32
0.470.00
12.3717.0428.00
Mar 2002
7.75-15.007.75-15.00
2.00-8.759.36
26.29
Feb 200210.0519.33
Apr 200213.4313.84
--
Apr 2002
13.2513.3513.4513.5513.8014.2015.00
Mar 20022.00-4.502.00-4.502.00-6.00
2.00-5.002.00-5.702.00-6.25
10.75-18.00
2.89
% Change p.a.
48.2573.9369.2037.10
4
IV. SECURITIES (J$mn.) (outstanding balances)GOJ Local Registered Stock.....................................
BOJ Open Market Operations 1/..............................GOJ Treasury Bills..................................................
V. INSTALMENT CREDIT (J$mn.)(Banks & Near-Banks)Total Credit Outstanding.........................................New Business........................................................
VI. NEAR-BANKS (J$mn.)(Merchant Banks, Trust Com. & Finance Houses)Assets/Liabilties....................................................Loans Outstanding.................................................Total Deposits.......................................................
Loans............................................................Agriculture..........................................................Manufacturing.................................................Construction & Land Development.....................Mining, Quarrying & Processing..................Tourism...........................................................Transport, Storage & Communication..........Consumer Oriented..............................................Government Services...........................................
Other.....................................................................
Liquid Assets Ratio (average) %..................................Statutory Requirement...........................................
VII. BUILDING SOCIETIES (J$mn.)(members & associate members)
Assets/Liabilities..............................................Loan Balances..................................................Savings Funds..................................................
VIII. INFLATIONConsumer Price Index (Jan. 1988 = 100)..............Monthly Rate (%)................................................Calendar Year to Date (%) (point to point)..........Fiscal Year to Date (%) (point to point)..............
IX. ACTUAL PRODUCTION ('000)Bauxite (metric tonnes)....................................Alumina (metric tonnes)...................................Sugar (metric tonnes).......................................Banana (tonnes)................................................
X. STOCK MARKET ACTIVITIESIndex............................................................Volume Traded (mn.)....................................... Ordinary Shares............................................. Block Transactions........................................
Apr 2002101,133.66
4,350.00
Feb 2002
5,682.23433.02
Feb 2002
18,976.733,489.497,489.97
3,489.4932.40
672.94200.95
48.52305.14
55.061,959.89
132.0882.51
Mar 2002110.50
28.00
Feb 2002
51,192.1117,801.7839,122.79
Mar 20021,468.5
0.00.67.6
Mar 2002343.82304.21
39.493.69
Mar 200237,592.97
258.10257.44
0.66
Mar 200386,203.85
2,950.00
Jan 2003
7,168.56531.97
Jan 2003
28,662.524,586.238,666.36
4,586.23112.71614.13502.90
54.88380.19
12.071,842.23
883.18183.94
Feb 2003101.30
23.00
Jan 2003
55,714.2020,287.7143,664.81
Feb 20031,552.2
-0.6-0.95.7
Feb 2003337.49291.01
33.222.78
Feb 200346,447.36
356.56236.66119.90
-14.63 -32.18
29.4911.85
58.5942.1816.84
42.18220.59
-8.96175.7013.5443.27
-66.494.69
581.87176.20
8.7915.9511.01
6.20
-7.475.421.77
-24.66
24.982.76
-48.6420,051.52
Apr 200386,331.202,950.00
Feb 2003
7,357.74484.32
Feb 2003
30,095.834,961.498,751.52
4,961.49103.87612.65554.01
55.09437.16
18.452,051.75
900.62227.89
Mar 2003195.40
23.00
Feb 2003
55,691.4820,641.0143,431.36
Mar 20031,559.5
0.5-0.46.2
Mar 2003318.13320.71
40.192.78
Mar 200346,981.96
265.22132.22133.00
1/ BOJ Open Market Operations include Reverse Repurchases
Feb 2002217,534.72
Jan 2003242,740.24
Feb 2003249,140.24 14.53
% Change p.a.
5
X. STOCK MARKET ACTIVITIES (cont'd)
Value of Stocks Traded (J$mn.).................................... Ordinary Shares..................................................... Block Transactions................................................Advance/Decline Ratio.............................................
XI. EXTERNAL TRADE (US$mn.)1. EXPORTSa) Major Traditional Exports........................................
Bauxite....................................................................Alumina..................................................................Sugar.......................................................................Bananas...................................................................
b) Other Traditional Exports........................................c) Non-Traditional Exports........................................d) Re-exports...............................................................
General Merchandise Exports........................................
(e) Freezone Exports.....................................................(f) Goods Procured in Port...........................................Total Goods Exports.......................................................
2. IMPORTS(a) Consumer Goods....................................................(b) Raw Materials.........................................................(c) Capital Goods..........................................................General Merchandise Imports........................................
(d) Freezone Imports....................................................(e) Goods Procured in Port...........................................Total Goods Imports.......................................................
Trade Balance.................................................................Memo:
Caricom Exports.....................................................Caricom Imports......................................................Caricom Trade Balance...........................................
XII. TOURISM
Tourist Arrivals ('000)....................................................Stopovers.............................................................Cruise..................................................................Armed Forces...............................................................
Cumulative Expenditure (US$mn.)................................
XIII. BALANCE OF PAYMENTS (US$mn.) Balance of Payments (Calendar)
1. Current Account...................................................A. Goods balance................................................
Exports (f.o.b.)..............................................Imports (f.o.b.)..............................................
B. Service Balance..............................................Transportation...........................................Travel........................................................Other Services............................................
Jan-Sept 2001
677.5773.07
520.1770.5013.8356.45
206.4818.84
959.34
147.8126.70
1,133.85
704.991,362.51
446.112,513.61
109.3729.10
2,652.08
-1,518.23
37.58332.43
-294.85
Jan-Feb 2002
358.31190.11168.20
-193.30
Jan-Sept 2001-499.8
-1,148.41,133.92,282.3
350.1-177.5828.8
-301.2
Jan-Sept 2002
591.1376.00
435.5666.1513.4260.31
169.9115.52
836.87
130.9323.40
991.20
777.891,329.48
490.472,597.84
80.4827.00
2,705.32
-1,714.12
35.96283.06
-247.10
Jan-Feb 2003
448.05212.76235.29
-215.60
Jan-Sept 2002-716.6
-1,329.5991.2
2,320.7
230.1-200.1695.5
-265.3
Change
-86.442.93
-84.61-4.35-0.413.86
-36.57-3.32
-122.47
-16.88-3.30
-142.65
72.90-33.0344.3684.23
-28.29-2.1053.24
-195.89
-1.62-49.37-47.75
% Change
25.0511.9139.89
-11.54
Change-216.8-181.1-142.7
38.4
-120.0-22.6
-133.335.9
714.32712.99
1.3330/2
2,956.231,474.841,481.39
10/22
1,368.131,029.69
338.4411/21
91.5344.42
25,346.62
Mar 2002 Feb 2003 Mar 2003 % Change p.a.
6
Change
-7.25.9
-13.1
91.5-12.7104.2
216.8-0.2-0.2-1.91.70.0
217.0-364.5-139.1
-243.9-230.6-119.7110.9
-71.8-18.3-70.917.4
-12.27.5
-19.7
70.7 -1.8
72.5
243.91.71.7
-0.21.90.0
242.2-301.6
-39.1
Balance of Payments (Calendar) (Cont'd)
C. Income................................................................Compensation of Employees...........................Investment Income..........................................
D. Current Transfers.............................................Official......................................................Private.......................................................
2. Capital and Financial Account..................................A. Capital Account................................................
Capital Transfers.............................................Official..................................................Private...................................................
Acq./Disp. of non-produced non-fin. assets....
B. Financial Account..............................................Other Official Investment.............................Other Private Investment.............................. (incl. errors & omissions)Reserves................................................
Balance of Payments (Fiscal)1. Current Account.................................................
A. Goods balance.............................................Exports (f.o.b.)............................................Imports (f.o.b.)..............................................
B. Service Balance..............................................Transportation...........................................Travel........................................................Other Services............................................
C. Income.........................................................Compensation of Employees........................Investment Income..........................................
D. Current Transfers.........................................Official......................................................Private.......................................................
2. Capital and Financial Account......................................A. Capital Account.............................................
Capital Transfers.............................................Official..................................................Private...................................................
Acq./Disp. of non-produced non-fin. assets
B. Financial Account.......................................Other Official Investment.........................Other Private Investment..........................
(incl. errors & omissions)Reserves................................................Government Reserves.........................
Jan-Sept2001
-336.541.9
-378.4
635.0 52.6 582.4
499.8 -18.0 -18.0 2.1 -20.1 0.0
517.8 384.7 700.3
-567.2
Apr-Sept2001/2002
-319.9-730.2773.5
1,503.7
196.7-126.2510.2
-187.3
-210.037.7
-247.7
423.631.0
392.6
319.9-12.9-12.9
0.3-13.2
0.0
332.8269.7313.5
-250.40.0
Jan-Sept2002
-343.7 47.8-391.5
726.5 39.9 686.6
716.6-18.2-18.2 0.2-18.4 0.0
734.8 20.2561.2
153.4
Apr-Sept 2002/2003
-563.8 -960.8
653.81,614.6
124.9-144.5439.3
-169.9
-222.245.2
-267.4
494.329.2
465.1
563.8-11.2-11.2
0.1-11.3
0.0
575.0-31.9352.6
254.30.0
7
() Exclude deposits in "B" accounts ** Indicative Rates
XIV. BOJ NET INTERNATIONAL RESERVES(US$mn.)
BOJ Net International Reserves (US$mn.)................Gross Foreign Assets..............................................Gross Foreign Liabilities........................................
Estimated Gross Reserves in Weeks of Imports..........Estimated Gross Reserves in Weeks of Goods and
Services Imports...........................................................
XV. FOREIGN EXCHANGEDEVELOPMENTS (US$mn.)
Combined Foreign Exchange TradingForeign Exchange Purchases (spot)............................Foreign Exchange Sales (spot)...................................
Foreign Currency Deposit Balances of AuthorisedDealers (US$mn.) ()
Commercial Banks Balances..................................."A" Accounts........................................................Other.....................................................................
F.I.As Balance.........................................................."A" Accounts........................................................Other.....................................................................
Building Societies Balances....................................."A" Accounts........................................................Other ....................................................................
Total Foreign Currency Deposits (US$mn.)............
Total Foreign Currency Loans (US$mn.)................Commercial Banks................................................F.I. As ...................................................................Building Societies.................................................
Mar. 2002
1,941.672,000.33
58.6635.20
23.77
Mar 2002
716.28726.68
Mar 2002
1,000.2553.41
946.84
91.159.56
81.59
148.1599.4748.68
1,239.55
384.12340.2831.7712.07
Mar 2003
1,339.671,382.15
42.4822.36
14.97
Mar 2003
755.74770.78
Mar. 2003
1,204.8782.04
1,122.83
118.0432.8885.16
177.05121.29
55.76
1,499.96
596.99530.04
53.2513.70
%Change p.a.
-31.00-30.90-27.58
5.516.07
20.4653.6018.59
29.50243.93
4.38
19.5121.9414.54
21.01
55.4255.7767.6113.50
Feb 2003
1,252.941,299.30
46.3621.02
14.08
Feb 2003
879.77857.47
Feb. 2003
1,120.5081.13
1,039.37
123.1132.1590.96
177.44122.21
55.23
1,421.05
589.48516.92
58.3714.19
London Interbank Offer Rate (LIBOR) Eurodollars (%) 3 months............................................................. 6 months.............................................................
U.S. Prime Rate (end of period) (%)..........................
Selling Exchange Rates (end period) US$1.00 = J$...................................................... Can. $1.00 = J$................................................... U.K. Pound = J$................................................. Euro = J$**........................................................
Caricom Selling Exchange Rates** T.T. $1 = J$......................................................... Bdos. $1 = J$...................................................... Guy. $1 = J$........................................................ E.C. $1 = J$........................................................
Mar 2002
2.032.334.75
April 200247.9130.4569.0843.61
7.8524.220.26
17.94
Feb 2003
1.341.344.25
Mar 200356.2437.4887.4161.87
9.1428.380.30
21.02
Mar 2003
1.291.274.25
April 200357.3139.6091.1064.62
9.3028.90
0.3021.41
8
INFLATIONMARCH 2003
The All Jamaica Consumer Price Index (CPI) increased by 0.5 per cent in March 2003,marginally above the Bank’s projection. This outturn brought inflation for the FY 2002/03to 6.2 per cent, 1.4 percentage points less than that which obtained in the similar period of2001/02. Similarly, the mean annual inflation rate was 6.5, relative to the 7.5 per cent recordedat March 2002. (Table 1).
The inflation in March, was largely due to the Housing & Other Housing Expenses sub-index, which increased by 1.9 per cent and contributed 34.3 per cent to the overall infla-tion. Of note is the fact that the contribution was much greater than its weight of 7.9 percent. Other inflationary impulses of note were registered in the Fuels & Other HouseholdSupplies (1.3%), Healthcare & Personal Expenses (0.7%) and Transportation (0.7%). sub-indices. These groups contributed 16.3 per cent, 11.5 per cent and 10.7 per cent, respectively,to the overall inflation.
The increase in the Housing & Other Housing Expenses sub-category emanated mainlyfrom the expected increases in both the Other Housing Expenses and Rental sub-groups.The indexes of these sub-groups increased by 2.0 per cent and 1.2 per cent, respectively(see Table 2). The increase in the Other Housing Expenses sub-index largely reflected anupward movement in the utility rates for water (1.6%), and electricity (4.4%). Additionalimpulses were reflected in the prices of cement, lumber and steel (see Table 4).
The expansion in the Fuels & Other Household Supplies sub-index of 1.3 per cent wasprimarily attributable to a 2.0 per cent increase in the Fuels sub-group. The movement inthis sub-group was largely the result of higher prices for cooking gas in all regions and a 3.8per cent increase in the price of kerosene in the Other Towns region. To a lesser extent, a 0.4per cent increase in the household supplies sub-index, contributed to the expansion in thegroup.
The upturn in the Transportation sub-category resulted primarily from increases inairfares and petroleum prices. These increases largely reflected recent upward trends in worldoil prices. The benchmark West Texas Intermediate (WTI) price of crude has experienced anaverage monthly increase of 4.9 per cent since January 2003.
At the regional level, all areas reported an increase in its overall index for the month. TheCPI in the KMA increased by 0.3 per cent, while the index for the Other Towns andRural Areas rose by 0.7 per cent and 0.5 per cent, respectively. The inflation in the threeregions was influenced mainly by the Housing & Other Housing Expenses sub-index, whichincreased by 1.8 per cent, in the KMA, and 2.0 per cent in the Other Towns and Rural Areas,respectively.
The measure of inflation that excludes agricultural prices (CPI-A) was 0.79 per cent forMarch. This estimate was 0.19 percentage point above the measure in the previous month and0.61 percentage point above that which obtained in March 2002. It is note worthy that thisindex has been exhibiting a general upward trend since the beginning of the calendar year.
9
For the March quarter, the measure of inflation without agriculture was 2.0 per cent relative toa deflation of 0.4 in the overall index. This measure is also higher relative to the 1.6 per cent inMarch 2002. This is illustrating the effect of the oil prices and exchange rate movements onthe other items in the basket.
Prices of durable products have edged up since the beginning of the calendar year. Thismovement has been influenced by the depreciation in the exchange rate since the Decem-ber 2002 quarter. However, the movement in the prices of durables, which has a high importcontent, has been smaller relative to the movement in the exchange rate, indicating a relativelysmall pass-through to prices. In this context, the prices of these commodities could continue toexperience additional impulses over the next few months.
World oil prices had been reflecting an upward trend in recent times. This movement hasbeen mirrored in the changes in a fuel index, which is composed of commodities that aredirectly impacted by movement in the price of oil.
For March, the trimmed mean index was estimated to have increased by 0.54 per cent,0.16 percentage points above the estimate for the previous month (table 5). This estimatebrings core inflation for the FY2002/03 to 4.15 per cent, 0.83 percentage point above thatwhich obtained for FY 2001/02. However, the annual average core inflation rate of 3.26 percent revealed an improvement of 0.9 percentage points relative to the same measure in thecorresponding month of 2002.
10
1998 MarJunSeptDec
1999 JanFebMarAprMayJunJulAugSeptOctNovDec
2000 JanFebMarAprMayJunJulAugSeptOctNovDec
2001 JanFebMarAprMayJunJulAugSeptOctNovDec
2002 JanFebMarAprMayJunJulAugSeptOctNovDec
2003 Jan Feb Mar
1,115.91,149.21,175.81,185.51,189.91,176.81,182.51,179.91,190.61,205.91,220.41,234.31,237.61,247.51,259.91,265.91,268.11,273.11,281.71,294.41,300.01,311.41,324.01,335.91,349.31,351.11,352.41,342.61,342.91,358.61,365.01,370.81,381.11,404.91,418.71,431.11,442.91,454.91,456.21,460.21,468.81,468.01,468.51,475.91,480.01,492.81,515.61,521.21,528.01,539.21,558.31,566.1
1561.3 1552.2 1559.5
1,110.11,132.71,170.91,176.91,182.91,184.11,183.11,179.71,184.31,192.11,205.61,220.21,230.71,239.81,248.31,257.71,264.61,269.01,274.31,283.01,292.01,301.91,311.81,323.71,336.41,345.41,350.91,348.71,345.91,348.01,355.51,364.81,372.31,385.61,401.61,418.31,430.91,443.01,451.31,457.11,461.71,465.61,468.41,470.81,474.81,482.91,496.11,509.91,521.61,529.51,541.81,554.5
1561.9 1559.9 1557.7
0.761.790.111.050.37
-1.100.48
-0.220.911.291.201.140.270.800.990.480.170.390.680.990.430.880.960.901.000.130.10
-0.720.021.170.470.420.751.730.980.870.820.830.090.270.59
-0.050.030.500.280.861.530.370.450.731.240.50
-0.31 -0.58 0.47
1.522.982.310.821.520.31
-0.25-0.841.171.983.433.672.632.222.072.291.651.051.252.072.112.322.292.762.892.051.24
-0.50-0.610.461.672.081.652.933.503.632.702.551.751.200.960.810.570.48
0.821.652.692.79
2.361.562.442.49
1.44 -0.39 -0.42
8.8210.148.427.857.516.265.975.375.464.934.995.095.266.437.396.786.578.188.399.709.198.758.498.239.038.307.346.065.906.726.505.906.247.137.157.136.947.687.688.769.388.057.587.677.166.256.83
6.295.90
5.807.017.25
6.30 5.74 6.20
9.069.219.288.638.488.308.067.797.537.106.676.286.025.966.035.955.886.046.256.616.927.247.537.798.108.258.258.178.117.987.827.517.277.147.036.946.786.736.766.997.287.397.487.62
7.697.617.58
7.517.417.257.207.08
6.83 6.64 6.52
12Month #
%change
12Month*
%change
3 Month #%
change
3 Month*%
change
Monthly%
change
3 MonthAVG.C.P.I.
1/C.P.I.
Table 1JAMAICA: INFLATION RATES
1.122.043.380.520.740.880.52
-0.260.020.772.203.033.242.832.312.192.001.661.311.461.812.172.242.462.652.562.050.920.04
-0.210.501.401.802.222.703.353.272.952.331.831.300.990.780.620.620.99
1.722.382.612.232.122.16
2.12 1.17 0.20
1/ January 1998 = 100# Moving average* Point to pointSource: STATIN
11
FOOD & DRINKMeals away from homeMeat Poultry & FishDairy Products Oils & FatsBaked Products Cereals & Breakfast DrinkStarchy FoodsVegetables & FruitsOther Food & Beverages
FUELS & OTHER HOUSEHOLD SUPPLIES
Household SuppliesFuels
HOUSING & OTHER HOUSING EXPENSES
RentalOther Housing Expenses
HOUSEHOLD FURNISHINGS & FURNITURE
FurnitureFurnishings
HEALTHCARE & PERSONAL EXPENSES
PERSONAL CLOTHING FOOTWEAR & ACCESSORIES
Clothing MaterialsReadymade Clothing & AccessoriesFootwearMaking & Repairs
TRANSPORTATION
MISCELLANEOUS EXPENSES
ALL GROUPS
Weight inthe CPI
MonthlyInflation
(%)WeightedInflation
Table 2COMPONENT CONTRIBUTION TO INFLATION
March 2003
0.55630.07410.16130.0668
0.08640.05250.06500.0502
0.07350.04820.0253
0.07860.02090.0577
0.02830.00680.0215
0.0697
0.05070.00550.02420.01590.0051
0.0644
0.0785
1.0000
0.11.50.81.2
0.5 -1.5-4.40.7
1.30.42.0
1.91.22.0
1.52.51.1
0.7
0.40.00.30.41.0
0.7
0.3
0.46
0.02880.11010.12260.0808
0.0441-0.0763-0.28890.0364
0.06970.01870.0510
0.14240.02500.1174
0.03980.01670.0231
0.0478
0.01860.00000.00690.00680.0048
0.0443
0.0236
0.41
6.66.6.6.926.529.619.5
10.6-18.4
--69.68.8
16.84.5
12.3
34.36.0
28.3
9.64.05.6
11.5
4.50.01.71.61.2
10.7
5.7
100.0
% Contribution to Inflation
12
Table 3REGIONAL INFLATION
March 2003
Rural(%)
OtherTowns
(%)KMA(%)
FOOD & DRINKMeals away from homeMeat Poultry& FishDairy Products Oils & FatsBaked Products Cereals & Breakfast DrinkStarchy FoodsVegetables & FruitsOther Food & Beverages
FUELS & OTHER HOUSEHOLD SUPPLIES
Household SuppliesFuels
HOUSING & OTHER HOUSING EXPENSES
RentalOther Housing Expenses
HOUSEHOLD FURNISHINGS & FURNITURE
FurnitureFurnishings
HEALTHCARE & PERSONAL EXPENSES
PERSONAL CLOTHING FOOTWEAR & ACCESSORIES
Clothing MaterialsReadymade Clothing & AccessoriesFootwearMaking & Repairs
TRANSPORTATION
MISCELLANEOUS EXPENSES
ALL GROUPS
0.33.91.1
1.00.8
-0.2-5.5-0.5
0.90.51.2
2.01.02.1
2.52.82.4
0.5
0.40.00.10.12.6
0.6
0.5
0.5
0.21.21.01.8
0.5-2.2-3.60.5
1.80.82.5
2.01.02.1
1.03.00.2
1.0
0.80.00.71.30.5
1.0
0.6
0.7
-0.20.40.41.1
0.3-3.5-3.91.9
1.30.12.5
1.81.22.0
0.81.60.5
0.7
0.20.00.20.20.0
0.6
0.0
0.3
13
Pt to Pt Average
12-Mth CoreActual CoreFiscal Year to Date
ActualMonthly
Core
-0.220.911.291.201.140.270.800.990.480.170.390.68
0.990.430.880.960.901.000.130.10
-0.720.021.170.47
0.420.751.730.980.870.820.830.090.270.59
-0.050.03
0.50 0.28 0.86 1.53 0.37 0.45 0.731.240.50
Table 4INFLATION: ACTUAL & CORE
1999/2000
AprMayJunJulAugSeptOctNovDecJanFebMar
2000/01AprMayJunJulAugSeptOctNovDecJanFebMar
2001/02AprMayJuneJulyAugSeptOctNovDecJanFebMar
2002/03AprMayJuneJulyAugSeptOctNovDecJanFebMar
0.010.410.440.640.560.170.230.320.350.110.370.35
0.500.270.340.290.520.420.370.280.160.130.850.22
0.140.500.350.440.390.280.340.150.130.350.150.06
0.280.19 0.390.30 0.240.21 0.280.550.34
0.37 0.38 0.54
-0.220.681.983.214.384.665.506.557.057.247.668.39
0.991.432.323.304.235.275.415.524.754.776.006.50
0.421.182.933.944.855.716.596.686.977.607.557.58
0.50 0.781.653.213.594.054.826.126.65
6.32 5.70 6.20
0.010.420.861.502.072.242.472.803.163.273.654.01
0.500.771.111.401.922.352.723.013.183.314.194.41
0.140.651.001.441.842.122.462.612.753.113.263.32
0.280.470.861.161.411.621.902.472.82
3.20 3.59 4.15
2.562.602.632.812.972.973.103.283.213.033.744.01
4.524.384.273.913.874.134.274.234.034.054.554.41
4.044.294.304.464.334.184.154.013.984.223.493.32
3.463.143.183.04 2.89 2.82 2.763.183.39
3.41 3.65 4.15
4.584.404.224.063.893.713.563.473.433.363.303.33
3.243.393.533.623.693.793.893.974.034.124.184.22
4.184.174.174.224.264.264.254.234.234.244.154.06
4.013.913.823.703.583.473.353.293.24
3.17 -0.31 -0.58 0.47
3.19 3.26