Opposition spokesman on Finance and Planning Julian Robinson, says the continued hiking of interest rates by the Bank of Jamaica is placing untold pressure on the economy amid skyrocketing cost of living.
In a statement on Thursday morning, Mr. Robinson says raising interest rates will not have the desired impact of reducing inflation.
He noted that the increase in interest rates will be passed on by financial institutions to their customers and this will result in further increases in loan repayment and mortgage costs.
Mr. Robinson says this will be a devastating blow for manufacturers and producers, who are already reeling from the increased costs of imported raw materials.
He says it will force them to increase the prices of their goods and services to the consumer.
The Opposition Spokesman says this is all bad news for an economy that is struggling to return to pre pandemic levels.