Inflation Jamaica 2024
Average inflation: 5.4%
Current Inflation
Inflation is very high at 5.4%, far above the ECB target.
Peak and Trough
The highest inflation was in January at 7.4%. The lowest inflation was in March at 4.0%.
- Highest month
- January: 7.4%
- Lowest month
- March: 4.0%
- Difference
- 3.4 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 5.8%. The lowest price increase was in Energy with an average of 4.1%.
- Highest increase
- Food: 5.8%
- Lowest increase
- Energy: 4.1%
Historical Context
Current inflation is 1.2% lower than the 5-year average of 6.6%.
- 5-year average
- 6.6%
- 10-year average
- 5.1%
- All-time high (2008)
- 22%
- All-time low (2016)
- 2.4%
Trend
Inflation shows a downward trend. Compared to 2023, inflation has fallen by +1.1 percentage point.
- Change vs. previous year
- -1.1 percentage points
- Largest monthly swing
- March: -2.2 percentage points
ECB Target
Inflation is 3.4% 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 €105.40 next year at this inflation rate.
Multi-year trend
Monthly figures 2024
Month overview
| Month | Inflation | Difference vs. 2023 |
|---|---|---|
| January | 7.4% | -0.8 |
| February | 6.3% | -1.5 |
| March | 4.0% | -2.2 |
| April | 5.3% | -0.5 |
| May | 5.2% | -0.8 |
| June | 5.3% | -1.0 |
| July | 5.1% | -1.5 |
| August | 6.4% | -0.4 |
| September | 5.7% | -0.2 |
| October | 4.9% | -0.2 |
| November | 4.3% | -2.0 |
| December | 5.0% | -1.9 |
| Average | 5.4% |
Data source
Data from WorldBank. Last updated: 06/01/2026.