By NAN Business Editor
News Americas, NEW YORK, NY, Fri. Aug. 31, 2018: Jamaica’s inflation level has seen a spike as of last month, the Governor of the Bank of Jamaica (BOJ), Brian Wynter, said this week.
Speaking at the Central Bank’s quarterly media briefing on Wednesday August 29th at the BOJ Auditorium in downtown Kingston, Wynter said data inflation spiked marginally to 3.2 per cent at the end of July, a 0.4 per cent increase over the out-turn at the end of June.
He said the increase was mainly influenced by increased electricity, water and sewerage costs; rising costs for some agricultural produce; and higher transportation costs.
In September 2017, the Jamaican government set a medium-term inflation target of 4.0 to 6.0 per cent, to be achieved and maintained by the BOJ from April 2018 onwards.
However, between April and June 2018, the 12-month rate fell below the lower 4.0 per cent band.
Wynter’s disclosure came a week after he dismissed claims that the Central Bank is devaluing the Jamaican dollar as part of plans to increase the inflation rate.
The Jamaican dollar stood at J$136.67 to US$1 on Thursday, August 30th, jumping from J$128 in June.