CONSUMER prices rose at its fastest pace in more than 11 years over the 12 months to the end of February, prompting added fears that the Bank of Jamaica (BOJ) will continue to raise interest rates and add new tools to fight runaway price increases.

Data released by the Statistical Institute of Jamaica (Statin) on Tuesday show prices rose 10.7 per cent over the 12 months to February. That was the fastest pace of price increases in Jamaica on a point-to-point basis since Statin recorded an 11.7 per cent increase in prices for the 12 months up to December 2010.

 

For the month of February alone, prices rose by 0.8 per cent.

 

Statin in a release on Tuesday said the price increase in February was stoked by higher prices for chicken meat. Hikes in the prices of vegetables, tubers such as potatoes, plaintains, green bananas and pulses such as peas and beans also contributed.

https://www.jamaicaobserver.com/business-observer/inflation-at-11-year-high-boj-expected-to-raise-rates-again-and-employ-new-tools-to-fight-scourge_246337