Inflation Jamaica 2023
Average inflation: 6.5%
Current Inflation
Inflation is very high at 6.5%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 8.2%. The lowest inflation was in October at 5.1%.
- Highest month
- January: 8.2%
- Lowest month
- October: 5.1%
- Difference
- 3.1 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 10.1%. The lowest price increase was in Energy with an average of 0.2%.
- Highest increase
- Food: 10.1%
- Lowest increase
- Energy: 0.2%
Historical Context
Current inflation is around the 5-year average of 6.3%.
- 5-year average
- 6.3%
- 10-year average
- 5.4%
- All-time high (2008)
- 22%
- All-time low (2016)
- 2.4%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-3.8 percentage point).
- Change vs. previous year
- -3.8 percentage points
- Largest monthly swing
- April: -6.0 percentage points
ECB Target
Inflation is 4.5% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.2% | -1.4 |
| February | 7.8% | -2.9 |
| March | 6.2% | -5.1 |
| April | 5.8% | -6.0 |
| May | 6.0% | -4.9 |
| June | 6.3% | -4.6 |
| July | 6.6% | -3.5 |
| August | 6.8% | -3.4 |
| September | 5.9% | -3.3 |
| October | 5.1% | -4.7 |
| November | 6.3% | -4.0 |
| December | 6.9% | -2.4 |
| Average | 6.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.