Jamaica Inflation Hits 8.6% in September
Jamaica inflation rose to 8.6% in September, the highest since December 2022, as food and fuel prices climbed, the statistics office said. The post Jamaica Inflation Hits 8.6% in September appeared first on The Rio Times .
Jamaica's inflation rate surged to 8.6% in September, marking its highest level since December 2022, according to the Statistical Institute of Jamaica (STATIN). Prices increased by 1.5% month-over-month, driven largely by rising food and fuel costs. The central bank's target range for annual inflation sits at 4% to 6%. Food and non-alcoholic beverages saw a 12.4% rise year-over-year, while fuel for personal transport climbed 24.8% and overall transport costs increased by 14.6%.
Higher transport fares and petrol prices, as well as rising tuition costs, contributed to the overall inflation surge. Analysts attribute the sharp rise in food prices to supply shortages following Hurricane Melissa. The Bank of Jamaica has maintained its policy rate at 6.00%, with the next decision scheduled for November 18. Analysts suggest further rate hikes could be on the table, potentially impacting visitors, investors, and families with relatives in the island nation.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
