Inflation in Jamaica dropped to about 3.91 percent in 2019, meaning that a group of goods that cost 100 Jamaican dollars in 2019 would cost 103.91 Jamaican dollars in 2020. This rate dropped from 4.38 percent in 2017 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.

Inflation Rate in Jamaica decreased to 4.40 percent in February from 4.70 percent in January of 2025. This dataset provides - Jamaica Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The average inflation rate in Jamaica was forecast to decrease between 2024 and 2029 by in total 0.8 percentage points. This overall decrease does not happen continuously, notably not in 2026. The inflation is estimated to amount to five percent in 2029. The International Monetary Fund describes this indicator as a measure of inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more statistics on other topics about Jamaica with key insights such as the gross domestic product, the annual change in exports of trade goods and services, and the gross domestic product by fiscal year.

The annual inflation rate of end of period consumer prices in Jamaica was forecast to decrease between 2024 and 2029 by in total 0.3 percentage points. This overall decrease does not happen continuously, notably not in 2026. The rate is estimated to amount to five percent in 2029. The International Monetary Fund describes this indicator as a measure of inflation based upon the year on year change in the end of period consumer price index. Said index measure is based upon the cost of a typical basket of goods and services at the end of a given time period. Typically a reference year exists for which a value of 100 had been assigned.Find more statistics on other topics about Jamaica with key insights such as the general government revenue, the gross domestic product (GDP), and the gross domestic product.

The Consumer Price Index in Jamaica decreased 0.90 percent in February of 2025 over the previous month. This dataset provides - Jamaica Inflation Rate MoM- actual values, historical data, forecast, chart, statistics, economic calendar and news.

A dataset of inflation rates in Jamaica from 1960 to 2024. View inflation trends in an interactive table and graph.

Jamaica inflation rate for 2023 was 6.47%, a 3.88% decline from 2022.

• Jamaica inflation rate for 2022 was 10.35%, a 4.49% increase from 2021.
• Jamaica inflation rate for 2021 was 5.86%, a 0.64% increase from 2020.
• Jamaica inflation rate for 2020 was 5.23%, a 1.32% increase from 2019.

Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Cost of food in Jamaica increased 6.57 percent in February of 2025 over the same month in the previous year. This dataset provides - Jamaica Food Inflation- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The latest inflation rate, i.e. the percent change in the CPI from a year ago to now, in Jamaica was 4.42 percent. That number was released in . It shows a decrease from the inflation rate in the previous month when it stood at 4.76 percent. Compared to a year ago, we see a decrease from the inflation...

Jamaica JM: Inflation:(GDP) Gross Domestic ProductDeflator data was reported at 6.955 % in 2017. This records an increase from the previous number of 4.595 % for 2016. Jamaica JM: Inflation:(GDP) Gross Domestic ProductDeflator data is updated yearly, averaging 11.321 % from Dec 1967 (Median) to 2017, with 51 observations. The data reached an all-time high of 60.036 % in 1992 and a record low of -4.906 % in 1972. Jamaica JM: Inflation:(GDP) Gross Domestic ProductDeflator data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jamaica – Table JM.World Bank.WDI: Inflation. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; Median;

The annual average consumer price index in Jamaica was forecast to continuously increase between 2024 and 2029 by in total 38.4 points (+27.73 percent). After the twenty-second consecutive increasing year, the index is estimated to reach 176.83 points and therefore a new peak in 2029. Notably, the annual average consumer price index was continuously increasing over the past years.As defined by the International Monetary Fund, this indicator measures inflation on the basis of the average consumer price index. This index measure expresses a country's average level of prices based on a typical basket of consumer goods and services during a certain year. Typically a reference year exists for which a value of 100 had been assigned.Find more statistics on other topics about Jamaica with key insights such as the total investment as a share of the GDP, the ratio of government expenditure to GDP, and the annual change in the volume of exports of goods and services.

Inflation rate (GDP deflator) of Jamaica slumped by 8.68% from 12.8 % in 2022 to 11.7 % in 2023. Since the 114.36% surge in 2021, inflation rate (GDP deflator) rocketed by 57.37% in 2023. Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.

6.5 (%) in 2023. Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Inflation, monthly percent change in the CPI in Jamaica, February, 2025 The most recent value is -0.91 percent as of February 2025, a decline compared to the previous value of -0.28 percent. Historically, the average for Jamaica from February 2002 to February 2025 is 0.65 percent. The minimum of -1.56 percent was recorded in January 2021, while the maximum of 3.29 percent was reached in October 2004. | TheGlobalEconomy.com

The gross domestic product (GDP) at current prices in Jamaica was forecast to continuously increase between 2024 and 2029 by in total 7.5 billion U.S. dollars (+36.95 percent). After the ninth consecutive increasing year, the GDP is estimated to reach 27.76 billion U.S. dollars and therefore a new peak in 2029. Find more statistics on other topics about Jamaica with key insights such as the annual inflation rate of end of period consumer prices, ratio of the national debt to the gross domestic product (GDP), and the gross domestic product (GDP) per capita.

The average inflation rate in Barbados was forecast to continuously decrease between 2024 and 2029 by in total 0.2 percentage points. The inflation is estimated to amount to 2.39 percent in 2029. The International Monetary Fund describes this indicator as a measure of inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Jamaica, Trinidad & Tobago, and Dominica.

The average inflation rate in Antigua and Barbuda was forecast to continuously decrease between 2024 and 2029 by in total four percentage points. The inflation is estimated to amount to 1.96 percent in 2029. The International Monetary Fund describes this indicator as a measure of inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. The values shown here refer to the year-on-year change in this index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Barbados, Bahamas, and Jamaica.

The total investment as a share of the GDP in Jamaica was forecast to decrease between 2024 and 2029 by in total 0.1 percentage points. This overall decrease does not happen continuously, notably not in 2026. According to this forecast, in 2029, the share will have decreased for the third consecutive year to 25.28 percent. This indicator describes the ratio of total investment in current local currency and GDP in current local currency. The International Monetary Fund defines the total investment as the overall value of the gross fixed capital formation aswell as changes in inventories and acquisitions less disposals of valuables. The gross domestic product, on the other hand, represents the total value of final goods and services produced during a year.Find more statistics on other topics about Jamaica with key insights such as the average inflation rate, the ratio of government expenditure to GDP, and the budget balance in relation to the GDP.

The annual change of the general government primary net lending in Jamaica was forecast to decrease between 2024 and 2029 by in total 1.3 percentage points. This overall decrease does not happen continuously, notably not in 2027. The lending share is estimated to amount to 4.28 percent in 2029. Find more statistics on other topics about Jamaica with key insights such as the average inflation rate, the annual change in the volume of imports of goods and services, and the general government revenue.

Jamaica JM: Real Interest Rate data was reported at 11.371 % pa in 2016. This records an increase from the previous number of 9.717 % pa for 2015. Jamaica JM: Real Interest Rate data is updated yearly, averaging 7.500 % pa from Dec 1976 (Median) to 2016, with 41 observations. The data reached an all-time high of 21.217 % pa in 1997 and a record low of -12.791 % pa in 1984. Jamaica JM: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Jamaica – Table JM.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;