Recovery in Agriculture Leading Improving Inflation

Bank of Jamaica Governor, Brian Wynter, says a recovery in agriculture in the first half of this year, is behind the low inflation numbers being reported by STATIN.

Earlier this week, the Statistical Institute of Jamaica (STATIN) reported that inflation since the start of the year has been -0.3 percent; meaning things have been getting cheaper.

The Governor says a rise in global oil prices hasn’t had as much of an impact as expected.

Mr. Wynter says although inflation is lower than the BOJ’s target, it does bring relief from high prices for those living on fixed incomes.

Meanwhile, Governor Wynter is again encouraging Jamaicans to negotiate better interest rates with their banks. He says there’s lots of liquidity in the market, making banks eager to lend.

The Central Bank Governor says the BOJ injected $48-billion in the market last week, by paying off bonds. He says as a result, people are looking for things to invest in, and banks have money to lend.

However, he says he wants to see commercial lending rates come down further.

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