The Statistical Institute reported a 2.2 per cent movement in the consumer price index in January, making it the worst January on record in 12 years when the inflation rate was 2.6 per cent, a Wednesday Business review of inflation data show.

The most volatile January in two decades was recorded in 1992 when prices increased 5.3 per cent in one month. Calendar inflation that year was 40 per cent. January 1996 was the second worst at 2.6 per cent, followed by January 2004 at 2.4 per cent.

But within the current decade - current year excluded - January prices have moved within a band of -0.3 per cent to 1.0 per cent.

The current out-turn is linked to higher domestic food prices as well as commodities imports, including oil and grains.

It places fiscal year-to-date inflation at 16.4 per cent. Calendar inflation for 2007 was 16.8 per cent.

The Bank of Jamaica is projecting that February inflation will be slightly better at 1.8 per cent, which would push fiscal inflation to 18.2 per cent.

Much of the world's economies are facing similar challenges to rein in prices as world commodity prices adjust daily. The map reflects price performance in a cross-section of economies.

business@gleanerjm.com