Trinidad and Tobago: Food Prices on rise, inflation shows downward trend

Trinidad and Tobago: The Central Statistical Office (CSO) declared the consumer price index for the month of June. This stated an increase in the prices for food, tobacco, alcoholic and non-alcoholic beverages in Trinidad and Tobago.

The rise in the prices have come into light on the basis of surveys conducted for groceries, shops and local markets. When comparing the data with the month of May, an increase of 0.1 percent has come forward.

As per the records, the calculations for all-items index by the Central Statistical Office for the month of June were allocated as 123.7. And, for food and non-alcoholic beverages, it increased as in May, it was 147.4 and in June, it turned out as 148.6. This reflects an increase of 0.8 percent in the country.

An upsurge in the prices of tomatoes, parboiled rice, fresh whole chicken, Irish potatoes, Pumpkin, brown sugar, celery, ochroes, chives and green sweet peppers have contributed drastically to the hike.

Although, the downward trend in the prices for items like cucumber, fresh carite, fresh king fish, cheddar cheese, frozen whole chicken, fresh red fish, fresh salmon, soybean oil, table margarine and grapes.

Further, the review was done on this where it came into light that June reflected an upsurge in the sub-index for alcoholic beverages and tobacco. And, the increase noted in this was 0.2%.

Not just this, the decrease as well was witnessed which was in the sub-index for clothing and footwear of 0.9%. Where, all other sections revealed no change. With this, the inflation can be calculated with the percentage of 0.7 as per the all-items index.

As per the current comparative analysis, with even the certain hike in prices for some food items and beverages, there is a decrease in the inflation rate from 0.9% for the period (May 2024/2023).

Inflation in simple terms is the rise in prices which significantly affects the position of any nation with having strong impacts on its economy.