The Bank of Jamaica says businesses expect inflation to be broadly stable for the next year.
In its most recent MPC Report, the BOJ says business inflation expectation for the year starting January, should be about 8.3 per cent.
However, inflation is projected to remain above the central bank's 4 to 6 per cent target range over the March 2024 to June 2025 quarters.
The BOJ says the higher inflation projection is linked to the continuing impact of past and impending increases in public passenger vehicle (PPV) fares.
It says, without the impact of the two increases in PPV fares, inflation would fall within the target range for most of 2024.
The central bank says, however, that the risks to the inflation outlook are balanced.