Inflation might be a familiar term for economists and academics, but for many, it remains a complex and debated concept. However, the Bank of Jamaica (BoJ) has found a unique and clever way to introduce inflation and its targets to the public using the music made famous by Bob Marley, reggae.
Tony Morrison, the director of public relations at the Bank of Jamaica, is the mastermind behind this campaign.
"It's a multi-pronged approach, combining billboards, radio jingles, and television commercials. These videos are now being shared widely online," said Tony Morrison, as reported by Quartz on Friday (January 18, 2019).
One of the videos shared on Twitter has already garnered nearly 200,000 views. This innovation has also been appreciated by economist Damien King.
"Establishing credibility for a new policy stance is necessary, and this approach is quite positive at the local level because the community can collectively monitor its achievement," said Damien King.
Jamaica is one of the countries with very high inflation due to economic and political turmoil over several decades.
Until 2015, Jamaican inflation remained in the double digits but continued to improve. In 1991, Jamaican inflation peaked at 90%.
After five years of economic reform, inflation last year was around 2.5%, and this year, the official BoJ target is set between 4% and 6%.
Although Jamaicans understand why low inflation is good, Morrison told Quartz, "they just don't understand why too low is bad. When we start targeting 3%, or one day maybe 2%, we have to explain why we're not targeting 1% or 0%," he explained.
The campaign videos follow the same format: cheerful guitar, catchy rhythms, musicians sharing good news about inflation. Another video in the series features a Mitsubishi Evo X driven at high speed by a woman wearing a white helmet.
By using music, engaging visuals, and relatable scenarios, the Bank of Jamaica is making strides in demystifying inflation and educating the public on its importance and impact on the economy.