uptick will be temporary. the committee also noted that economic conditions are generally supportive of low, stable and predictable inflation in the future. economic conditions underpinning inflation 1 / 4 bis - central bankers'speeches i will now briefly discuss the recent inflation data and outlook and the economic conditions underpinning them. on august 15, statin reported that jamaica's annual headline inflation at july 2024 was 5. 1 per cent. this outturn was below the bank's most recent forecast and represents the fifth consecutive month in which inflation fell within the bank's target range. one measure of core inflation that excludes the prices of agricultural food products and fuel prices from the cpi, was 4. 5 per cent at july 2024, representing a progressive lowering of underlying inflation since the start of 2024. the mpc notes that, as stated by the government, domestic fiscal policy will address the post hurricane recovery efforts by utilising existing savings and insurance, and by reprioritising its expenditure envelope. in this context, the mpc is of the view that fiscal policy will continue to pose no risk to inflation over the near term. in addition, the lagged impact of the bank's relatively tight monetary policy posture also continues to have an impact on the economy. against this background, domestic demand conditions are moderating, as reflected in selected sectors of the economy and in easing wage pressures. real gdp for the march 2024 quarter grew by 1. 4 per cent, which was lower than the growth for the december 2023 quarter, and there are signs that economic growth slowed further in the june 2024 quarter. when the underlying direction of economic activity and the impact of the hurricane in july are taken into account, gdp for the september 2024 quarter is projected to contract when compared with the september 2023 quarter. against the background of the lower economic growth, the net flow of new domestic currency loans to the private sector for the june 2024 quarter was lower than the flows in both the march 2024 and the june 2023 quarters. the net flow of loans is the difference between total disbursements and total repayments. a reduction in loan disbursements to the business sector was the principal factor behind the fall in net flows and was consistent with a continued tightening in credit terms offered by the banking sector. by almost all measures, inflation expectations in jamaica appear to be on a consistent downward path. in bank of jamaica's june 2024 survey of businesses

##ryl and other adverse weather conditions could influence higher inflation. however, the factors that could result in lower - than - projected inflation include weaker - than - projected global growth, which could reduce domestic demand and imported inflation. in concluding its discussions, the mpc noted that any future monetary policy decision to reduce interest rates will continue to depend on incoming data. concluding statement ladies and gentlemen, the primary mandate of bank of jamaica is to maintain inflation firmly between 4. 0 and 6. 0 per cent and we remain resolute in this commitment. thank you. i will now take questions. 4 / 4 bis - central bankers'speeches