Jamaica’s central bank held its benchmark interest rate steady at 7%, focusing on returning inflation to the target range of 4-6%. However, May’s inflation rate climbed to 6.1%, up from 5.8% in April, posing a challenge. The bank anticipates inflation will exceed the target range throughout June and Q3 2023. Despite these inflationary pressures, the Jamaican economy is growing, with the FY23 GDP projected to be between 4.0 and 5.0%. Future monetary policy decisions will hinge on incoming data and ongoing assessments of both global and domestic inflation risks.