President Dr. Irfaan Ali outlined the government’s targeted initiatives to counteract the impact of global food price increases and alleviate the cost of living for Guyanese in his national address on Friday evening.
He attributed the surge in global food prices and related costs to disruptions caused by the Russian-Ukraine war and the global pandemic.
For context, food price inflation in the European Union rose from 3.5% in January 2022 to 7.5% by May of the same year.
In the United States, it hit 10.9% in July 2022, the highest since 1980.
In contrast, Guyana’s food inflation in 2023 was 3.8%, significantly lower compared to Jamaica’s 87% and Latin America’s 81.67%.
President Ali emphasized that this low inflation rate is the result of deliberate government policies and investments aimed at stabilizing prices.
The President assured that additional measures will be introduced to further expand the economy and address the rising cost of living, ensuring a robust and resilient economic framework for the future.