T&T rakes up an estimated $3 billion annually by importing food said Minister of Trade and Industry Stephen Cadiz.He said Government recognised there are "several inefficiencies" which contributed to soaring food prices."The port does not come under this ministry but Plipdeco does. What we are doing is looking at all the inefficiencies, be it port operations or customs, to eliminate those inefficiencies. "Once we have the relevant information as to where the inefficiencies lie we would act on it," Cadiz said.Predicting an increase in food prices this year Cadiz however, blamed it on the world market.Citing devastating floods in Australia as an example, Cadiz said wheat prices are expected to increase which may ultimately lead to an increase in the price of bread and other flour based products. "I would think in some areas we will see an increase in food prices and world prices plays a huge part. The price of wheat has gone up and the price of corn is going through the roof."The price of oil also is on a rebound and that would definitely affect transportation cost. We can't determine the world event," Cadiz said.Saying local agri-business was at a low, the minister urged all stakeholders to play their part in governing food prices.