Bank of Jamaica hints rate rises may be ending
MPC increases policy rate 50bp and says 6% may be “appropriate”
The Bank of Jamaica’s monetary policy committee indicated that its latest rate increase, announced on August 18, might be its last in the current cycle as inflation is slowing. The MPC increased its policy rate by 50 basis points, bringing it to 6%.
The Jamaican central bank has increased rates at eight consecutive meetings since last September, totalling 550bp in increases. However, the MPC noted that inflation had “peaked earlier and lower than expected in April 2022”, and has fallen since.
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