Jul 2014 Financial News

May’s food inflation rate 3.8 per cent

Jul 01, 2014

THE country’s food price inflation rate has remained at single digits for four consecutive months, the first time in 21 years, says Food Production Minister Devant Maharaj.

The ministry issued a press release on Sunday stating that the rate calculated by the Central Bank for May was 3.8 per cent.

It stated that between January and April, the rate remained at 4.1 per cent.

The release added: “The stable and steady low average of the food inflation rate for 2014 clearly illustrates assured positive growth for the agricultural sector for the beginning of this financial year.”

The single digits demonstrated the ministry was attempting to reduce the food import bill and keep decreasing the food inflation rate, the Ministry added.

The ministry stated the government will continue to invest in agriculture as growth in that sector would mean better food security for citizens.


Source:
By Sue-Ann Wayow
sue-ann.wayow@trinidadexpress.com
Trinidad Express
Tuesday July 1, 2014

http://www.trinidadexpress.com/news/Mays-food-inflation-rate-38-per-cent-265309401.html