Inflation rate tripled in 2021, expected to reach 11% in 2022 -Shadow Minister of Finance Juretha Fernandes

The 2022 National Budget presented by Minister of Finance Dr. Ashni Singh continues to attract widespread criticism from the APNUAFC Opposition Members of Parliament (MPs) and from civil society individuals and organizations. In her presentation to the National Assembly recently, Shadow Finance Minister, MP Juretha Fernandes zeroed in on the high inflation rate and its effect on consumers. She pointed out that since the PPPC was installed in 2020 the inflation rate has risen astronomically. In 2019 the last full year of the APNU+AFC in Government the inflation rate was 2.09%, in early 2020 it had dropped to as low as 0.7%.

Last year Dr. Singh projected that inflation would have been contained at 1.6 percent for 2021. MP Fernandes however observed that Dr. Singh in the reading of Budget 2022, admitted, inflation rate in 2021 was in fact recorded at 5.7 percent. “Over three and a half times his announced target,” She stated. Fanandes is estimating that by the end of 2022 the inflation rate would have increased by 11%. “When this budgetary period ends, the PPP/C would have presided over a total inflation rate of over 11 percent in just two and a half years.”

MP Fernandes stated if examined in the context of the market price for plantain and other food items, it presents a frightening scenario for the Guyanese family and food security. “Poverty, the lack of basic human needs, will continue to plague our most vulnerable under this careless, heartless, immoral, inhumane budget,” she posited. The Shadow Finance Minister during her 35 minutes presentation was at pains to point out the PPP/C, “incompetence” and “mismanagement” of the Guyana economy since being installed into Government in August 2020.

She lamented that the 2022 Budget is a debt burden for the citizens of Guyana and will cost each family $476,000 to repay. Unfortunately,  the Government has already passed Budget 2022 with its one seat majority by changing the rules of the debate and by limiting scrutiny of national estimates.

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