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The Bank of Jamaica has welcomed the reduction in headline inflation, which was 0.6 percentage points lower than the 6.2 per cent point-to-point inflation rate for the period February 2023 to February 2024.
The Statistical Institute of Jamaica reported yesterday that the cost of goods and services rose by an average of 5.6 per cent for March 2023 to March 2024.
The 12-month point-to-point inflation was 5.6 per cent, which is within the bank's 4-6 per cent target range.
The Bank of Jamaica notes that this is the second consecutive month of decline in headline inflation, which is a positive development, and the first time that the inflation outturn has been within the bank's target range since October 2023.
It says the Monetary Policy Committee will continue to closely watch the inflation numbers and other incoming data over the ensuing months to assess the extent to which the current level of inflation will be sustained before making a determination on whether to change the bank's monetary policy stance.
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