The Bank of Jamaica says it remains focused on controlling the rate at which prices of basic goods and services consumed by most Jamaicans are increasing.
The Bank says rapidly rising prices can have a particularly negative impact on vulnerable sections of the population and the wider economy.
The average price of basic goods and services increased by 7.5 per cent over the 12 months to July 2026.
That is above the Bank's target range of four to six per cent.
Despite the elevated inflation rate, the BOJ on Wednesday kept its benchmark interest rate unchanged at 5.5 per cent per annum.
The Bank says it will continue to closely monitor incoming economic data amid uncertainty surrounding price increases.
It says the ongoing wars in the Middle East and Europe are affecting global oil and grain prices, which could put further pressure on inflation.
The BOJ expects inflation to remain above its target range during the September quarter.
However, it says it will not hesitate to raise the benchmark interest rate from the current 5.5 per cent if inflation continues to accelerate and remains above the four to six per cent target range.
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