Minister of Trade and Industry, Paula Gopee-Scoon, is urging distributors and retailers to pass on lower prices to consumers.
In a release, the Minister said it is clear from the results of the monthly survey of food prices conducted by the Consumer Affairs Division of the Ministry that the reduction in prices are not sufficient. Specifically, an examination of retail prices of 115 items surveyed by the Ministry in the basket of basic food items reveals that only 17% items declined over the period June 2023 vs June 2022.
According to the Food and Agricultural Organisation (FAO), the Food Price Index (FFPI) averaged 122.3 points in June 2023, which was a decline by 1.7 points from May 2023, continuing the downward trend and averaging 37.4 points below the peak it reached in March 2022.
Minister Gopee-Scoon said while there are other factors that would influence the final retail price, falling global food prices, import prices and freight rates must be translated into relief for consumers.