Javaughn Keyes
The Bank of Jamaica says some external commodity prices have declined faster than projected.
In the latest monetary policy report, the central bank says average prices for grains, which include wheat, corn and soybean, declined by about 13 per cent for July and August.
However, the BOJ says it was projecting stable prices for both months.
The average cost of liquefied natural gas (LNG) for July and August 2024 declined by 13.6 per cent, relative to a projected decline of 3.6 per cent.
The fall in LNG prices reflected a decline in demand, which was manifested in an increase in natural gas inventories.
Additionally, it's reported that the average of daily West Texas Intermediate (WTI) crude oil prices for July and August 2024 declined by 2.1 per cent, lower than the Bank's forecast.
On the other hand, international fertiliser prices, on average, increased marginally over July and August 2024.
This happened while there was a reduction in supply from China.
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