As electricity and food costs continue to soar, Jamaica could see inflation rise as high as 11%.

That’s according to Governor of the Bank of Jamaica (BOJ), Richard Byles.

Speaking at this morning’s quarterly monetary policy press conference, Mr. Byles said inflation for the 12 months leading up to January, was 9.7%.

He noted that this was the sixth successive month that inflation has been above the bank’s target of 4 to 6%.

Governor Byles said without further action, inflation will continue to be above the bank’s target range, over the next 10 to 12 months, and will peak in the range of 9 to 11%.

He added that weaker domestic demand arising from renewed challenges associated with the COVID-19 pandemic could lead to inflation being lower than projected.