Trinidad and Tobago’s Inflation Up 4.5% In June

 

• The Central Statistical Office (CSO) has announced that the inflation rate for the period January to June 2022 over January to June 2021, was 4.5%.
• The general upward movement in the prices of chicken, oil, beef, brown sugar, powdered milk, etc. were the primary drivers for the inflation outturn. However, the full impact of these price increases was offset by the general falloff in the prices of carite; onion; cabbage; carrots; milo; pumpkin; apples; shrimp – fresh; sweet potatoes and parboiled rice.
• Fitch Solutions projects that inflation will close the year at 5.5% in 2022, and 3.8% in 203. Inflation will subside in the medium-to-long term once the economic recovery takes hold, and the Central Bank of Trinidad & Tobago (CBTT) allows the T&T dollar to gradually depreciate.

(Sources: Trinidad and Tobago Guardian & NCBCM Research)