Jamaica: Inflation rate from 1984 to 2024
(compared to the previous year)
Inflation rate in Jamaica 2024
Inflation in Jamaica dropped to about 3.73 percent in 2018, meaning that a group of goods that cost 100 Jamaican dollars in 2018 would cost 103.73 Jamaican dollars in 2019. This rate dropped from 8.3 percent in 2014 and was forecast to stay around 5 percent in the medium term.

Inflation and growth

After adjusting for inflation, the growth rate in Jamaica’s economy has been relatively slow over the past few years. This is an issue for the island because its gross domestic product per capita indicates a moderate level of development. This suggests that the people would benefit from a higher level of growth. Developmental economists often call this “catch-up” growth, a period of relatively rapid growth that occurs because the economy develops to the level of other countries that have fully realized their economic potential under modern levels of technology and trade.

Effects of inflation

Inflation is often associated with a corresponding increase in unemployment. In developed economies, central bankers worry about the tradeoff between higher inflation and higher unemployment. For Jamaica, more inflation may be the lesser of two evils. Since the Jamaican dollar is not pegged to any other currency, inflation also weakens the currency. For a country so heavily reliant on foreign currencies through tourism, this actually makes Jamaica a more attractive destination because tourists’ U.S. dollars or euros are worth more in relative terms.
Jamaica: Inflation rate from 1984 to 2024
(compared to the previous year)
Inflation rate compared to previous year
2024*5%
2023*4.9%
2022*4.75%
2021*4.6%
2020*4.62%
2019*3.57%
20183.73%
20174.38%
20162.35%
20153.68%
20148.28%
20139.36%
2012 6.9%
2011 7.53%
2010 12.61%
2009 9.58%
2008 22.01%
2007 9.17%
2006 8.92%
2005 13.42%
2004 14.84%
20039.94%
2002 8.22%
2001 9.51%
2000 4.59%
1999 5.98%
1998 8.63%
1997 9.66%
1996 26.41%
1995 19.91%
1994 35.06%
1993 22.07%
1992 77.3%
1991 51.07%
1990 24.78%
1989 16.12%
1988 8.2%
1987 11.2%
1986 24.4%
1985 29.7%
1984 31.26%
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Source

Release date

October 2019

Region

Jamaica

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded.

Inflation rate in Jamaica 2024
Inflation in Jamaica dropped to about 3.73 percent in 2018, meaning that a group of goods that cost 100 Jamaican dollars in 2018 would cost 103.73 Jamaican dollars in 2019. This rate dropped from 8.3 percent in 2014 and was forecast to stay around 5 percent in the medium term.

Inflation and growth

After adjusting for inflation, the growth rate in Jamaica’s economy has been relatively slow over the past few years. This is an issue for the island because its gross domestic product per capita indicates a moderate level of development. This suggests that the people would benefit from a higher level of growth. Developmental economists often call this “catch-up” growth, a period of relatively rapid growth that occurs because the economy develops to the level of other countries that have fully realized their economic potential under modern levels of technology and trade.

Effects of inflation

Inflation is often associated with a corresponding increase in unemployment. In developed economies, central bankers worry about the tradeoff between higher inflation and higher unemployment. For Jamaica, more inflation may be the lesser of two evils. Since the Jamaican dollar is not pegged to any other currency, inflation also weakens the currency. For a country so heavily reliant on foreign currencies through tourism, this actually makes Jamaica a more attractive destination because tourists’ U.S. dollars or euros are worth more in relative terms.
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Statistics on "Jamaica"
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