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Minister of Agriculture, Food Security, and Enterprise: “Inflation is a global problem”

Posted: Friday, June 3, 2022. 2:16 pm CST.

By Zoila Palma Gonzalez: In the last few weeks, many Belizeans have posted on Facebook their concerns about the high cost of food prices in Belize.

Belizean Farmers have also expressed their discontent about the recent spike in prices for agri-imports.

At today’s session of the House of Representatives,  Minister of Agriculture, Food Security, and Enterprise Abelardo Mai noted that the increasing cost of living in the country is due to inflation being on the rise around the world and both food and energy prices hitting record highs globally.

According to the Statistical Institute of Belize (SIB), the annual inflation rate in 2021 stood at 3.2%. Minister Mai said that the last time Belize recorded an annual inflation rate above 3% was in 2004 when a rate of 3.1% was recorded. In addition, statistics from the SIB show that the inflation rate for April 2022 stood at a whopping 5.8%.

“These increases in the price of goods and services used by Belizeans throughout the country are eroding the buying power of Belizean consumers and causing hardship for many of our people,” Minister Mai said.

The Minister asserted that the productive sector and business community are experiencing the effects of rising inflation as input costs for most industries have increased further, driving up price levels throughout the country.

With regards to the decision not to increase the prices of packed bread, Minister Mai announced a direct subsidy program for bakers that will compensate for the revenues they forego.

Inflation in Belize and around the world has also been exacerbated by the Russian invasion of Ukraine.

 

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