Finance Minister Dr. Nigel Clarke has indicated that Jamaica’s target inflation rate for the next 3 years will remain at 4 to 6 percent.

Speaking in Parliament yesterday, the Minister explained that the inflation rate is reviewed every 3 years.

He noted that in April 2021, after consultation with the Bank Of Jamaica, he tabled documents advising of the renewal of the inflation target of4 to 6 per cent, which remained in effect until this year.

Dr. Clarke said this target is being renewed for the next 3 years.

The Finance Minister said maintaining the current inflation target is what’s best for the economy.

He said setting the target higher than the current range would be problematic for most Jamaicans who do not have the independent means to protect themselves against higher targeted inflation.