Trinidad & Tobago: Inflation Rate Drops Slightly In April

• The inflation rate for TT for April was 7.3%, the Central Statistical Office (CSO) has published. This represented a decrease from the 7.8% recorded in March. However, this is up from the inflation rate of 4.3% for the comparative period last year.
• The Index for Food and Non-Alcoholic Beverages decreased from 146.1 units in March 2023 to 144.5 units in April 2023, reflecting a decrease of 1.1%. Contributing significantly to this decrease was the general downward movement in the prices of some agricultural produce. This is in line with the Central Banks' hopes for falling inflation.
• However, the full impact of these price decreases was offset by the general increases in the prices of chilled or frozen beef, fresh beef, chilled or frozen pork, onions, cheddar cheese, eddoes, whole fresh chickens, fresh steak, celery and carbonated soft drinks.
• At its meeting on March 31, 2023, the Central Bank of Trinidad & Tobago (CBTT) kept its repo rate at 3.50%; the rate has been fixed since March 2020.
• Currently, a ‘low and stable rate of inflation’ remains one of CBTT’s main objectives while shaping monetary policy. The expectation for continued ease in world food prices and shipping prices should aid with falling inflation in T&T in the coming quarters.

(Sources: Trinidad Express Newspapers & Fitch Solutions)