The Bank of Jamaica lowered it policy rate on August 27, in an effort to keep inflation within its target range.
The central bank reduced its policy rate by 25 basis points to 0.5%. “This decision reflects Bank of Jamaica’s assessment that inflation is projected to average 4.3% over the next eight quarters within the inflation target of 4–6%,” the statement said.
July inflation was 4.3%, up from 4.2% in June and 3.2% in July 2018. The central bank added that without the further accommodation