The Bank of Jamaica (BOJ) is projecting that inflation may temporarily track above its target range of 4 to 6 percent for 2 to 3 months, starting in August 2024.
This is due to the ongoing effects of Hurricane Beryl, which significantly impacted agricultural produce in the breadbasket parish of St. Elizabeth and other western parishes.
The BOJ says this will drive pricing decisions for selected starchy foods and vegetables over the next 2 to 3 months. Meanwhile, the bank says it is still actively assessing this and other influences on the outlook for the Consumer Price Index.
Inflation is, however, expected to return to the target range towards the end of the year as the agriculture sector rebounds.
As of June, the inflation rate stood at 5.4 percent.
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