Bank of Jamaica lowers inflation target

bank-of-jamaica
Bank of Jamaica sets new inflation target

The Bank of Jamaica has lowered its inflation target for the fiscal year as it continues to move towards a fully fledged inflation-targeting regime.

Headline inflation fell to 3% in March, the lowest level since 1967, which the bank attributed to a larger-than-anticipated fall in crude oil prices over the year. This prompted it to cut its inflation target for fiscal year (FY) 2016/2017 by a percentage point to 4.5–6.5%.

"This target assumes that international commodity prices will gradually

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