More Jamaicans are generating earnings from local tourism-related activities in the aftermath of the COVID-19 pandemic. Portfolio Minister, Hon. Edmund Bartlett, says notable among the out-turns is US$100 million earned by the operators of Airbnb accommodations, which housed approximately 29 percent of tourists visiting Jamaica last year. “Airbnb is providing accommodation all across the country, including some… communities that you […]
According to a JIS press report, the Central Bank has reported that Jamaica’s inflation rate is decreasing. Data from the Statistical Institute of Jamaica (STATIN) show that the rate peaked at 11.8 percent in April 2022 and fell to 7.8 percent in February 2023. Bank of Jamaica (BOJ) Senior Deputy Governor, Dr. Wayne Robinson, said this has resulted from the […]
The U.S. Federal Reserve says although the rate of inflation is arrested, they are not prepared to declare victory; the central bank says there is still a far way to go. Jerome Powell, Chair of the Federal Reserve, says more time is needed before the overall taming effect is felt throughout the economy. Consequently, additional rate hikes may be necessary […]
A petrol price decline has positively impacted the cost of living in the US. The U.S. Labor Department says inflation was 6.5 percent over the 12 months to the end of December, down from 7.1 percent in November. The inflation gauge also shows that some food items have also seen a price fall. The pace has dropped for six consecutive […]
Black Friday crowds in the U.S. have been described as “thin” despite attractive deals and discounts. Inflation-weary shoppers were expected to flock to Black Friday sales in record numbers. However, on what has traditionally been one of the busiest shopping days of the year, thin crowds were seen outside stores in a number of states. Many Americans who opened their […]
Mortgages in the U.S. are seeing their highest interest rates in 16 years. The increase follows the U.S. Federal Reserve’s aggressive interest rate hikes instituted to curb inflation sufficiently. Data from the U.S. Mortgage Bankers Association showed that mortgage rates have more than doubled since the start of the year. The average contract rate on 30-year fixed-rate mortgages rose by […]
Canadian Prime Minister Justin Trudeau has announced $4.5 billion in measures intended to provide low-income families with relief from high inflation. The measures include doubling a quarterly tax credit sent to individuals and families with low and modest incomes to offset sales tax and a $500, one-time top-up to a housing benefit that is provided to low earners who need […]
The European Central Bank (ECB) has raised interest rates for the first time in more than 11 years as it tries to control soaring eurozone inflation. The ECB increased its key interest rate by 0.5 percentage points to 0.0% and plans further hikes this year. The rate has been negative since 2014 in a bid to boost the region’s economy […]
U.S consumer sentiment hit a new record low in June amid growing concerns about inflation. This is according to a closely followed University of Michigan survey released today. The final index reading of 50 in the monthly Surveys of Consumers was just below the preliminary reading of 50.2 released two weeks ago. The final June index – a 14.4% drop […]
Top U.S. dollar store chains earlier in the week raised their sales expectations for the year as more Americans look for bargains with inflation at a four-decade high, sending shares of the retailers over 13 percent. Dollar General shares rose 13.71% to close at $222.13 on Thursday. Dollar Tree shares jumped 21.87% to close at $162.80. Shares of Dollar Tree […]
