EPOC flags inflation concern amid recovery

Entornointeligente.com / Rising inflation and high levels of vaccination reluctance among the population top the concerns of the Keith Duncan-led Economic Programme Oversight Committee (EPOC).

In an economic update on Friday, the committee noted that fiscal results are ahead of budgetary projections, led by April to July 2021 revenues, which were 10.7 per cent more than targeted and 39.4 per cent above 2020 levels for the corresponding period.

Inflation, however, at 6.1 per cent over the 12 months to August 30, 2021, remains higher than the 4.0 per cent target of the Bank of Jamaica (BOJ) and is tracking just outside the upper limit of the band in which the central bank is mandated by Government to manage price escalations in the economy.

The 12-month inflation figure is also above the 5.1 per cent for the period in 2020 and 4.1 per cent in the comparative period of 2019, according to data provided by EPOC.

The inflation trajectory is set to breach the 6.0 per cent upper limit, a scenario that the Bank of Jamaica has also predicted,but maintains that it will be a short-term phenomenon.

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