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Impact of agricultural damage on inflation too early to call - BOJ

Brian Wynter

 

The Bank of Jamaica (BOJ) says it is too early to state what impact the damage to the agricultural sector will have on its forecast for inflation.
  
This follows concerns that there could be price increases in the wake of crops being damaged by flood rains.
 
Central Bank Governor Brian Wynter spoke on the issue at the BOJ's quarterly media briefing on Friday. He said if there is any reason to change the inflation forecast from the 0.3% or 0.4% per month, that will be mentioned following assessments of the damage.

"At the moment, we are not in a position to evaluate the impact of that and I would be careful about leaping to any conclusions about it... So, there may be an impact, there may not be an impact; if there is an impact, it may be small, it may be large," declared the central bank governor.

The Rural Agricultural Development Authority (RADA) is still assessing the damage to the farming sector.



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