Bank of Jamaica hikes policy rate

Jamaica

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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