The fight to keep inflation within an acceptable range persists, with Governor of the Bank of Jamaica, Richard Byles, conceding that the approach taken by the Central Bank thus far is the “lesser of two evils.” This acknowledgment comes as inflation rates in other parts of the world continue to rise. Governor Byles also pointed out that recent wage increases in the public sector have played a role in these inflationary trends.

Central Bank Governor Richard Byles emphasized that labor shortages and wage hikes are beginning to exert an impact on inflation during today’s session of the Public Administration and Appropriations Committee, where the third supplementary estimates for the financial year 2023/2024 were discussed. Watch the report:

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