Jul 2014 Financial News

T&T food inflation at all-time low

Jul 31, 2014

The Ministry of Food Production says the current single-digit food price inflation rate is the result of its policies for increasing T&T’s food production and security. In a statement yesterday, the ministry said the rate is currently at “an all-time low” and cited recent data from the Central Bank which showed that the food price inflation rate was at 3.5 per cent last month, a decline of 0.3 per cent from 3.8 per cent of the previous month.

“This outstanding achievement comes on the heels of the food price inflation rate maintaining a reading of 4.1 per cent throughout the months of January to April, 2014, signifying for the first time in 21 years that the food price inflation rate remained at single digits for the first half on one year.” the ministry said. “Notably, this also means that for the first time in 40 years we have experienced five consecutive quarters of growth in the sector from the first quarter of 2012 to the first quarter of 2013.

Additionally, there has been a 77 per cent increase in the contribution of agriculture to GDP from 2009 to 2013, and a 2 per cent reduction in food imports from 2010 to 2013. In 2010, food inflation was 29 per cent with negative growth in the sector.

Source:
Trinidad Guardian, A21
Thursday July 31, 2014