Inflation, which is the increase in Cost of Living, stood at 7.5% for the period April 2021 to April 2022. This is nearly three times the 2.8% inflation Guyanese faced for the period April 2020 to April 2021. This fact was highlighted in a press statement by the Alliance for Change (AFC) after its recent press conference, on July 8, 2022.
“At the current rate, we could see inflation go above 10% by the end of 2022. The PPP had promised 4.1% inflation in total by December 2022, but, with inflation already reaching 3.2% in May, it is highly likely that we have already reached 4.1% inflation by today July 8,” the AFC further stated.
This would mark the worse period of inflation since the Jagdeo administration’s botched implementation of VAT in 2007, which caused inflation of over 10%.
Inflation is concentrated in the cost of food. “In the period since the PPP has assumed the reigns of power, there has been a 21.5% increase in the cost of food. Thousands of Guyanese families are now facing food insecurity,” the AFC stated.
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