The Bank of Jamaica (BOJ),is defending its inflation projections.
Central Bank Governor, Brian Wynter, while speaking at yesterday's Quarterly Monetary Policy Press Conference, admitted that the projections aren't always right - but noted that most times they are.
“Inflation forecasting is not precise. We are estimating what we think will happen to price movements and then of course people make their decisions. As you approach the boundaries, there are absolutely risks that go beyond it and we have to be aware of that
He said the actual inflation out turn will be more in line with the Bank of Jamaica's target.
“We hope to be right, more of the time than we are wrong. But we are not going to be right all of the time - it is not a science…” the Governor said.