Inflation at 10%
What do you think about the current Inflation rate? It seems that our brilliant Economist Patrick Manning cannot keep it under control. I will also say that the Consumer, yes, the man on the street spends his dime the same as if there were no Inflation at all. There needs to be some price controls and there needs to be smarter consumers! However, the main question here is… [b]how high will the Inflation Rate go?
Wow, I am very concerned about this. The food prices continue climbing and Trinidad cannot longer boasts about its great economy. Things are getting tough. The currency is going to devaluate at any moment.
Update: RISING inflation will make this Christmas the most expensive in 12 years! And what's Mr. Manning response? "the sky will not fall". rolleyes
|The Central Bank of Trinidad and Tobago announced yesterday that inflation has reached the ten per cent mark, pushed by high food and alcohol prices.|
The last time local inflation went to double digits was in 1994.
"The latest data on inflation released by the Central Statistical Office indicate that headline inflation, measured by the 12-month increase in the Index of Retail Prices, rose to 10.0 per cent in October from 9.6 per cent in the previous month. Food prices continued to be the main driver of headline inflation, registering an increase of 26 per cent. Core inflation recorded an increase of 4.7 per cent on a year-on-year basis to October, up from 3.9 per cent in September," a statement from the Bank said.
The Bank added: "As regards food prices, supply shortages have continued to place upward pressure on the prices of fruit and vegetables. In the twelve months to October 2006, fruit and vegetable prices posted increases of 19.9 per cent and 63.4 per cent, respectively. There were also significant increases in the prices of fish (31 per cent) and meat products (12.9 per cent)."
Speaking at a press briefing for the release of the Bank's Monetary Policy Report to October 2006 last month, Central Bank governor Ewart Williams warned that the country was too close to the "slippery slope" of double digit inflation.
"My 30 years experience at the Fund (IMF) tells me that once you get on that slope, it's difficult and it takes very harsh measures to come back and we're coming close to that," Williams had said.
Prime Minister Patrick Manning, in addressing the issue earlier this month, said if inflation reaches ten per cent, "the sky will not fall".....
I usually buy Dairy Dairy skimmed milk. I went to buy a pack today (800grams) and the price was $45.99! I did not buy it - I refuse to buy it. I thought it was too expensive when I was paying $36.99 for it and now it has jumped to $45.99! At the beginning of the year it was $27.99, then it went to $36.99 and now $45.99 in just six months!
What are we all here in Trinidad & Tobago - idiots? In any other country they would make so much noise over just an increase of one dollar! Here the price doubles and they continue to buy. Consumers have to stop buying these things and make these people bring down the price. I am so fed up of this country and its double standards - I am ready to get out on the next 'bus'.
Are you kidding JB? Almost $50.00 dollars for milk now? This is beyond ridiculous! I guess milk is now out of my grocery list. :( I still wondering how Trinis families make it at the end of the month. As predicted, the prices are not going to drop but go higher and higher. It reminds me a lot of Argentina with the inflation issue. No stability leads to poverty.
It seems based on those prices the increments are in 9 dollars! Unbelievable!
The rate of inflation has a direct affect on the day to day lives of every citizen of Trinidad & Tobago.
Our complacency has caused this situation to escalate, if we were more active and we used our power as consumers and boycott these grocers high prices and affect the bottom line of their businesses they would be lobbying on the powers that be for concessions so they could then keep the prices down.
Other than boycotting groceries we should also be lobbying the Government to put controls in place to stop the escalating food prices.
The consumer would then benefit from either scenario.
Definitely need government controls on food prices especially for basic necessity.
Flour, Sugar, Oil, Cheese, Rice, Dairy, Meats, day to day household items and personal care items, baby supplies.
Salaries need to be growing exponentially to match inflation and cost of living too.
A man who cant feed his family is more likely to commit a crime to provide the basic necessities for them.
Businessmen say the whole supply chain getting more costly (transport, shipping, fuel etc. cost of the goods itself) but they raising the food prices every three months, I sure if we check they even raising the price on old stock which didn't cost them more just to profit more - unconscionable behaviour.
THEY PASSING THE RISING COSTS ONTO THE CONSUMER INSTEAD OF CUTTING INTO THEIR PROFITS and GROWTH.
Then they wonder why they get robbed or somebody want to snatch them or their loved ones...but were is the equity in society. They want to stop crime but they not addressing the issues that create the crime in the first place. POVERTY.
Poverty is the most violent act you can commit against a Human, it is your basic right as a Human to have food, shelter etc...
Edited: aaa on 28th May, 2007 - 12:10am
Trinidadians always feel they know so much, but at the moment their belly rules their actions and not their brains or what they feel they know. They are quick to talk crap about crime or Iraq - both of which they know nothing about, but at the same time do not even have the most basic of manners. They cannot boycott anything because they love to eat, and like animals they could not care less about where it comes from or how expensive it is they will lap it all up like hyenas in the desert. Trinis make me sick!
I hear you JB especially about Trinis and they bellies and they Hyenarish tendencies, however instead of getting sick of us.
Try to make a difference to those you interact with, one person at a time, one issue at a time, one day at a time ...
Just like how this website can make a difference, but only to those who enlightened enough to be hear or seeking.
We must consider those within our society who are less fortunate than us in everyway...
We cannot abandon them or we will be lost to... we cannot lose hope for a better world. What we can imagine we can become...
So I imagining that elections will happen this year and our country and inflation well be dealt with a hugh MIRACLE.
Making a difference one person to the next as an individual will not help because this is a cultural thing. To have an effect there must be a collective strong enough to create change. The existing collective (those that you hear now and again complaining or trying to make a difference) is too small compared to the masses of consumers who will hear none of it. We speak about this in depth within the other Threads. My point here is inflation will not come down, food prices will not stop rising and so on until a devastating situation happens to make everyone wake up. To me we are at rock bottom already, and yet people carry on as normal attending Akon concerts, saving for Carnival and buying $1000 in groceries for a weekend. They are fools. As I always say... years ago in France potatoes went up by five cents, yes FIVE CENTS and you know what happened - not a soul n France bought potatoes! There were trucks and trucks with potatoes rotting because this collective - the collective of French consumers thought with their brains and not their pants and stomachs. Potato sellers had to maintain the correct price if they wanted to have a livelihood. Will that ever happen here among these Trinis - no - their culture will not allow them - they are accustomed to being dished out whatever their massa will give - silly fools.
A pause from Trinidad & Tobago Inflation At 10% to share caption from the good old days:
Today is: 21st August (GMT), in history on the 21st of August, 1896 AD the following birth happened:
Blossom Rock: Actress (Grandmamma-Addams Family)