Inflation will be Contained – Phillips

Finance and Planning Minister, Dr. the Hon. Peter Phillips, is expressing confidence that the Government will be able to contain the rate of inflation during the 2012/13 fiscal year.

This optimism comes against the background of the Bank of Jamaica's (BoJ) recent projections of a 1.5 to 2.5 per cent inflation rate for the June quarter, and six to eight per cent, overall, for the year.

(Related Story: Stable Macro-Economic Environment will be maintained – Finance Minister)

Speaking at Thursday’s (June 7) post Budget Debate media briefing at Jamaica House, Dr. Phillips said the administration anticipated a “one-off impact’, which would see “some upward movement” in the inflation rate. He was quick to point out, however, that it will stabilize and that “we will be able to contain the rate of inflation after the initial effect passes through the economy”.

Dr. Phillips also advised that the BoJ and Planning Institute of Jamaica (PIOJ) are currently undertaking work towards the preparation and submission of their inflation projections.

By Douglas McIntosh, JIS Reporter