Consumer lobby group concerned about devaluation of Jamaican dollar

Anxiety is growing among consumers about the increase in the value of the US dollar and the impact it is expected to have on prices.

Michael Diamond, President of the National Consumers League, has told RJR News that there’s growing unease among his members and they want early an intervention.

The Jamaican dollar has been losing value to its US counterpart in recent weeks, despite the intervention of the Central Bank.

Currency trading closed Monday with the American dollar selling for an average J$141.95.

Mr Diamond states that members of the league are not yet panicking, but some have been vocal about the currency movement and the possible impact of some of the increased costs being passed on to consumers.

"We would encourage suppliers and distributers and others to hold off, because... they should be able to absorb some of it (the increased cost)... We don't want to get consumers into a position where they lose confidence where they now hold back from spending as well," he said.