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Food, Medical services prices increase–BOG Report

Jun 12, 2019 News

The price of basic food stuff has seen an increase in Guyana, with one category of products having a 10% rise, according to a Bank Of Guyana 2018 Annual Report.
The report dictates that the price for a domestic basket of food items has increased by 3.0%, while fruit prices have increased by some 10.9%. Meat has risen by 8.2%, with fish and eggs recording a 4.2% price increase. Alcohol, milk and related products have risen by 2.3 per cent.
As dictated by the report, the cost of medical care and health services have climbed by 2.1%, with the transportation and communications category showing an increase of 1.9% in comparison to December 2018. However, this represents a 1.1 per cent decline when compared to prices at the end of December 2017.
The sub-category of operation/personal transport (tires, gas, parts and repairs) increased by 9.8 per cent compared to an 8.3 per cent decline at the end of December 2017.
The price index of housing has increased by 1.1% compared to 0.4% rise in 2017. This, the report shows, was a result of the upward movement in fuel and power (domestic gas, kerosene and electricity) by 4.8% compared with the 1.9% increase at end of December 2017.”
The prices for some products like vegetables and sugar, and footwear declined. According to the Central Bank, this is because fewer people are spending in the domestic economy.
There were declines in the prices of pulse and pulse products, vegetables, sugar, honey and related products and cereals by 8.4%, 1.7%, 1.5%and 0.3% respectively. The report also showed declines in the price indices of footwear and repairs, education, recreation and culture, clothing and furniture by 12.6%, 1.7%, 1.6% and 1.3% respectively. This has been attributed to lesser domestic spending.
According to the BOG report, the Inflation Consumer prices measured by the Urban Consumer Price Index (CPI) registered an overall inflation rate of 1.6%. The monthly average inflation rate was 0.8%, while the monthly change (year to date) in the Consumer Price level ranged from as low as 0.4% in April to an increase of 1.8% in October,
The International Monetary Fund (IMF) had predicted back in 2017 that Guyana’s inflation would continue to rise in 2018 and had encouraged Governments to press forward with much-needed structural reforms to ensure that growth is sustained and inclusive.
IMF had also recommended that countries improve their infrastructure, and invest in human capital. Government was also encouraged to attract more females in the labour force, increase oversight of the labour market, enhance governance and anti-corruption efforts, and take steps to further develop trade.
For 2018, the IMF had projected a 2.6 per cent increase in Guyana’s inflation rate.

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