Inflation may be a familiar term to economists and academics, but for many, it remains a nebulous concept. Recognizing this gap in understanding, the Bank of Jamaica (BoJ) has devised a clever and unique method to introduce and elucidate inflation, employing the music of the iconic Bob Marley, a pioneer of reggae music.
Tony Morrison, the Director of Public Relations at the Bank of Jamaica, spearheaded this innovative campaign.
"It's a multi-pronged approach, combining billboards, radio jingles, and television commercials. These videos have now been widely circulated online," explained Tony Morrison, as reported by Quartz on Friday (January 18, 2019).
One of the videos shared on Twitter has garnered nearly 200,000 views. This innovative approach has earned praise from economist Damien King.
"Establishing credibility for a new policy stance is crucial, and this method is quite positive at the local level because the community can collectively monitor its achievements," remarked Damien King.
Jamaica is among the countries that have grappled with significantly high inflation due to economic and political turmoil over several decades.
Until 2015, Jamaica's inflation remained in the double digits but showed signs of improvement. In 1991, Jamaica's inflation had even soared to 90%.
After five years of economic reform, last year saw inflation hovering around 2.5%, with the BoJ's official target for this year ranging from 4% to 6%.
While Jamaicans understand the benefits of low inflation, Morrison explained to Quartz that "they just don't understand why too low is bad. When we start aiming for 3%, or perhaps one day even 2%, we have to explain why we're not aiming for 1% or 0%," he clarified.
The campaign videos follow a similar format: cheerful guitar tunes, engaging rhythms, and musicians sharing good news about inflation. Another video in the series features a Mitsubishi Evo X being driven at high speed by a woman wearing a white helmet.
Through this innovative approach, the Bank of Jamaica aims to demystify inflation and foster a better understanding of its implications among the Jamaican populace, thereby promoting economic literacy and awareness.