Inflation in Jamaica
Jamaica - InflationGrowth clocked 6.0% year on year in Q1 2022 according to the Planning Institute, despite the Covid-19 outbreak early in the year. The services sector led the expansion. Meanwhile, the unemployment rate reached a record low. Additionally, tourist arrivals recovered, with March arrivals reaching around 60% of their pre-pandemic level. That said, mining output tumbled year on year in Q1 on the closure of the Jamalco alumina refinery. Turning to Q2, Covid-19 restrictions for travelers were fully removed in April, boding well for visitor arrivals. Nonetheless, soaring inflation and rising interest rates are likely denting investment and consumption. In May, strikes hurt Jamaica’s public sector amid government plans to cut the number of public agencies. Such strikes could continue ahead as workers’ demands seem incompatible with the government’s limited financial resources.
Jamaica - Inflation Data
|Inflation Rate (CPI, annual variation in %)||3.7||2.3||4.4||3.7||3.9|
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Jamaica Inflation Chart
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