Economy Update: Fiscal Inflation On Target – November 2013

 

Source: STATIN

Source: STATIN

Inflation for November 2013 was 0.4% as Consumer Price Index rose from 209 in October 2013 to 209.9.

Not only is the current inflation rate less than the previous period, it is 0.2 percentage point lower than the rate for the corresponding period in 2012.

The calendar year-to-date inflation for November 2013 was 9.04% and point-to-point inflation was 10.34%

In August 2013, the Central Bank said it holds the inflation projection to be between 8.5% and 10.5% for the 2013/14 fiscal year. Read more here.

Fiscal year-to-date inflation as at November 2013 was 6.2%, with  4 months to the end of the fiscal year, Jamaica is still well within the range and on target.

The document that outlines the details of the Extended Fund Facility (EFF) between the International Monetary Fund (IMF) and the Government of Jamaica (GOJ), The Memorandum of Economic Financial Policies (MEFP) paragraph ¶41 states that monetary policy (which is administered by the the Central Bank) is focused on maintaining single digit inflation.

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