The price of goods and services fell for the month of April 2023, causing the country’s annual inflation rate to settle within the Bank of Jamaica’s target range for the first time in two years.

Consumer prices dropped by 0.4 per cent for the month of April 2023, after marginally rising in March, the Statistical Institute of Jamaica, Statin, reported on Monday.

The deceleration pushed annual inflation down to 5.8 per cent, landing in the upper band of the 4 to 6 per cent inflation target range that the central bank is mandated to defend.

The new inflation outturn was primarily as a result of a 4.2 per cent fall in the index for the division ‘Housing, Water, Electricity, Gas and Other Fuels’, Statin said in its report.