The Government's Christmas gift to the nation of a 20 per cent discount on oil, flour and rice from National Flour Mills (NFM) has provided some much-needed relief to consumers. The overwhelming response to the measure shows just how much citizens are in search of financial breathing space.
It is a pity that the initiative, as well received as it was, lasted only two days, giving limited, short-term relief on just three basic food items. What is really needed is a more sustainable plan to keep the cost of food down for the average citizen. Food prices are a major contributor to the high cost of living in T&T and keeping prices on basic items under control is a major challenge because the country is not self-sufficient in food and is saddled with a high import bill.
That was why, when the global economic crisis of 2008 caused prices all over the world to increase, consumer goods prices in this country were adversely affected. T&T is too heavily dependent on other countries for goods and since they attract significant import taxes and duties, the prices are already high by the time they arrive, and get even higher when those costs are passed on to consumers.
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