Bank of Jamaica hikes policy rate
Central bank raises rate by 50 basis points in bid to reverse inflationary trend
The Bank of Jamaica hiked its main interest rate by 50 basis points to 2.5% on December 20, aiming to bring inflation down towards its target of 4–6%.
November’s inflation rate was near 8%, and surveys found inflation expectations were rising. Respondents predicted inflation above 8% was likely to remain for the next 12 months.
Projections from the central bank suggest inflation will likely average 5.5–6.5% over the next two years, a marked increase over the 5% of the previous two years. The
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