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Domestic Price Warnings

Countries where prices of one or more basic food commodity are at abnormal high levels in main markets.
Price warning level:  High   Moderate [Based on the Indicator of Price Anomalies (IPA)]




Prices of cereals on the rise and high

Retail prices of locally produced maize meal increased further in May and were well above their year-earlier levels. The seasonal upward pressure, pending the start of the main harvest in June, was compounded by concerns over the impact of prolonged dry conditions on crop yield potential in key growing areas. Similarly, prices of black beans, another staple food in the country, increased significantly. Socio-political turmoil and the significant depreciation of the country’s currency, which in May was more than one-third lower than its value a year earlier, contributed to sustain the high level of prices. The weakening currency made food imports costlier and pushed up prices of rice, which is mostly imported, to levels well above those a year earlier. On 31 May, the Central Bank announced a number of measures in an effort to halt the falling currency, including the injection of foreign currency, the increase in the interest rates on selected Central Bank bonds and stronger supervision over financial institutions.

Region: Caribbean