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Jamaicans are coming under increased pressure from the soaring cost of living with the Statistical Institute of Jamaica (STATIN) reporting that inflation rose by a whopping 2.4% last month.
The figure was an increase from April's 1.5% and helped to push inflation since January to nearly 10%.
Last month's increase in the cost of living coincided with the continuing rise in the price of oil, wheat and other grains on the international markets.
There were also increases in taxes related to motor vehicles, driver's licenses and the cost of cigarettes.
According to STATIN, inflation for the calendar year was 9.4% while for the fiscal year to date, that is April and May, the figure was 3.9%.
Given the current flooding in the US mid-West, which is responsible for a significant percentage of America's food production, analysts are forecasting that the trend in international food and oil prices is expected to continue over the next few months.
As a result, Jamaicans should prepare to dig deeper into their pockets to pay for basic food items.
Acting Chairman of the Economic Affairs & Taxation Committee of the Jamaica Chamber of Commerce, Keith Collister, said based on the turn of events the Government will be hard-pressed to achieve its inflation target this fiscal year.
"No I am not surprised. If corn is up 75% and oil is up 100%...I believe the inflation target will be extremely challenging to meet, maybe impossible, but let's see what happens in the second half of the year...there would have to be a significant drop in prices to have any hope of meeting it," said Mr. Collister.
The Government had predicted inflation to be in the region of 10% this financial year.
Inflation for the 2007/2008 period came out at 19.9%, the highest in more than a decade.
Meanwhile news of the continuing sharp increase in the cost of living is causing jitters among public sector workers whose salaries remain fixed under MOU Three.
President of the Jamaica Civil Service Association, Wayne Jones, said issues surrounding the higher than projected inflation will be discussed at the next meeting of the Monitoring Committee of the MOU.
"We continue to monitor it as far as public sector workers are concerned. The Monitoring Committee of the MOU is scheduling its first meeting after the implementation of the agreement and no doubt that will be one of the issues we will be contemplating," said Mr. Jones.
"All fixed income workers will be wondering how they are going to cope in such a turbulent environment," he said.
The figure was an increase from April's 1.5% and helped to push inflation since January to nearly 10%.
Last month's increase in the cost of living coincided with the continuing rise in the price of oil, wheat and other grains on the international markets.
There were also increases in taxes related to motor vehicles, driver's licenses and the cost of cigarettes.
According to STATIN, inflation for the calendar year was 9.4% while for the fiscal year to date, that is April and May, the figure was 3.9%.
Given the current flooding in the US mid-West, which is responsible for a significant percentage of America's food production, analysts are forecasting that the trend in international food and oil prices is expected to continue over the next few months.
As a result, Jamaicans should prepare to dig deeper into their pockets to pay for basic food items.
Acting Chairman of the Economic Affairs & Taxation Committee of the Jamaica Chamber of Commerce, Keith Collister, said based on the turn of events the Government will be hard-pressed to achieve its inflation target this fiscal year.
"No I am not surprised. If corn is up 75% and oil is up 100%...I believe the inflation target will be extremely challenging to meet, maybe impossible, but let's see what happens in the second half of the year...there would have to be a significant drop in prices to have any hope of meeting it," said Mr. Collister.
The Government had predicted inflation to be in the region of 10% this financial year.
Inflation for the 2007/2008 period came out at 19.9%, the highest in more than a decade.
Meanwhile news of the continuing sharp increase in the cost of living is causing jitters among public sector workers whose salaries remain fixed under MOU Three.
President of the Jamaica Civil Service Association, Wayne Jones, said issues surrounding the higher than projected inflation will be discussed at the next meeting of the Monitoring Committee of the MOU.
"We continue to monitor it as far as public sector workers are concerned. The Monitoring Committee of the MOU is scheduling its first meeting after the implementation of the agreement and no doubt that will be one of the issues we will be contemplating," said Mr. Jones.
"All fixed income workers will be wondering how they are going to cope in such a turbulent environment," he said.
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