BOJ projects stable inflation over short to medium term

 

The Bank of Jamaica is projecting that inflation will remain stable over the short to medium term.

 

Central Bank Governor Richard Byles says the average percentage rise in the cost of goods and services is more consistently falling within its 4 to 6 per cent target. 

 

"While there will be an uptick in headline inflation over the next three to five months, August-December, caused by the impact of Hurricane Beryl, this uptick we consider to be temporary. The Committee also noted that economic conditions are generally supportive of low, stable, and predictable inflation in the future," he reported. 

 

As at July, annual inflation was 5.1 per cent. 

 

"This out-turn was even below the bank's most recent forecast and represents a fifth consecutive month in which inflation fell within the bank's target range. One measure of core inflation that excludes prices of agricultural food products and fuel prices from the CPI was 4.5% at July 2024, representing a progressive lowering of underlying inflation since the start of 2024," Mr. Byles acknowledged. 

 

He was speaking at the central bank's Quarterly Monetary Policy Press Briefing.

 

It was held in Montego Bay, St. James for the first time since at least 2017.