The Inflation Expectation Survey(IES) is designed to collect information from the country’s business
leaderson their expectations of the future movement of prices, inflation, economic growth, interest rates,
employment and wages/salaries. These expectations inform many of the actions of households, firms and
policy-makers including consumption and investment decisions which directly and indirectly affectinflation.
Since 2006, the Statistical Institute of Jamaica on behalf of the Bank of Jamaica has conducted the
Inflation Expectation Survey.
Inflation is defined as “the overall general upward movement of the prices of goods and services in an
economy” (STATIN, Concepts and Definitions).In other words inflation effectively reduces the quantity
of goods that can be purchased with a given amount of money. The Bank of Jamaica, which is the Central
Bank, sets monetary policies such as interest rates etc. to achieve the inflation target set by the
Government. To effect this successfully, the Bank of Jamaica tries to anticipate what actual inflation
will be a year in advance by getting information on the expectations of different business and
household groups. The Inflation Expectation Survey provides this and other information to the Bank of