Food Prices Drop Over Past Year but Tick Up in February Despite Planting Program

The Planting for Food and Jobs policy was implemented in 2017 to reduce food imports, boost local production, improve farmer welfare, and address unemployment.

The policy has played a crucial role in bringing down food inflation from 54.1% in December 2022 to 28.7% in December 2023 per the Minister of State-designate at the Finance Ministry.

The Minister believes the economy is on the right path due to the government's drastic and efficient measures.

However, the Statistical Service reported that monthly food inflation increased in February 2024 despite an overall drop in inflation.

The rise in monthly food inflation was fueled by increasing prices of vegetables, tubers, plantain, fish and seafood.