8.6% Increase in Food Prices

Between July 2022 and July 2023, the Retail Price Index (RPI) indicates an 8.6% increase in food and non-alcoholic drink prices, contrasting with the steeper 17.3% surge from January 2022 to January 2023. Trinidad and Tobago’s headline inflation climbed 4.6% in July 2023 versus July 2022. The RPI’s comprehensive all-items index escalated by 8.3% from January 2022 to January 2023. Within the RPI, food and non-alcoholic beverages hold a 17.3% weight, while home ownership represents 19.3%, and transportation stands at 14.7%. July 2023 saw the overall retail price index increase by 0.5% from June 2023, with food prices primarily driving the rise.

Meanwhile, Trinidad and Tobago’s central government achieved an $88 million surplus in the initial nine months of the 2023 fiscal year, as stated in the Central Bank’s July 2023 Economic Bulletin. This contrasts with the $3 billion surplus recorded during the same period in 2022. Improved energy revenues contributed to the 2023 surplus, but heightened expenditure and a slight dip in non-energy receipts moderated the outcome. Energy revenue increased by $2.4 billion to reach $21.0 billion, primarily driven by energy company taxes. 

Nonetheless, non-energy sector revenues decreased by $139.4 million year-on-year to $19.5 billion, mainly due to reduced taxes on goods and services. Central government spending rose by $5.2 billion year-on-year to $40.4 billion, with increased transfers and subsidies, partially attributed to a $1 billion petroleum subsidy. General government debt reached $140.3 billion, with adjusted debt at $134.6 billion and external debt at $32.2 billion by June 2023. This report comes as the central government is preparing to present the national budget in just over a month’s time.

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