Global tensions ‘driving up costs’

Until geopolitical issues, including wars in major international markets that are vital for the production and transportation of important commodities are resolved, Barbadians will face cost of living pressure even as Government continues to cushion the impact of rising prices.

That is the reality, says Minister of Finance Ryan Straughn, who has returned home from the International Monetary Fund (IMF) and World Bank annual meetings in Bangkok, Thailand, where he raised these concerns with the international community.

In its latest outlook, the IMF is projecting that consumer prices in Barbados will increase by 2.6 per cent this year, while international credit rating agency Fitch expects inflation “to remain around two per cent in the near term, with the potential for it to rise”.