Heavy rains and flooding derail projections for reductions in the cost of agricultural produce
The Bank of Jamaica (BOJ) is reporting that initial projections for a reduction in the prices of agricultural products, have been derailed.
BOJ Deputy Governor Robert Stennett said this is due to the recent heavy rains, which impacted the island.
Speaking at a quarterly monetary policy report briefing yesterday (November 22), Mr. Stennett explained that initial projections had indicated that prices on crops would decrease in the latter part of the year.
However, the impact of the rains meant that these projections had to be revised.
He noted that agriculture accounts for over 9% of total consumer spending.