The Bank of Jamaica (BOJ) has noted that it expects inflation to continue above its target range with reported price increases.
 
May’s inflation reading showed prices going up by 6.1 per cent, just outside the BOJ’s four to six per cent target range.
 
According to the central bank’s Monetary Policy Committee, despite positive economic signs, the cost of goods will likely exceed the range for June, up to the September 2023 quarter. 

The increase is expected with higher telephone and internet rates, the National Minimum Wage increase, seasonally higher agricultural prices, as well as pending increases in other regulated prices such as transport.
 
Inflation is however expected to slow to the BOJ’s target by the December 2023 quarter.