BOJ reports positive indicators on inflation

By Javaughn Keyes
The Bank of Jamaica is reporting that the key macroeconomic drivers of inflation have been generally positive. 
Coming out of last week's Monetary Policy Committee meetings, the central bank says international commodity and shipping costs continued to decline. 
It also says the local exchange rate remains stable, due to monetary policy actions as well as strong tourism and remittance inflows. 
The MPC also notes that inflation in the economies of Jamaica's main trading partners is trending down.
While international crude oil prices increased in the March 2024 quarter, the BOJ says the impact on domestic energy prices was offset by a marked reduction in the price of Liquified Natural Gas. 
It says these are some of the factors which were considered, as the MPC decided to hold the policy interest rate at seven per cent.
The next decision on the rate, which is offered to deposit-taking institutions on overnight placements with Bank of Jamaica, will be made on May 20.

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