Lower inflation rates were noted for the last quarter of 2023 in the country. Trinidad and Tobago’s Central Bank released its November 2023 monetary report, indicating increased economic activity and reduced inflationary pressure. The second quarter of 2023 saw a 3.8% improvement in the non-energy sector, offsetting a 2.3% decline in the energy sector. This economic boost likely contributed to improved labor market conditions, with reduced unemployment and increased labor force participation.
Employment gains were observed in various sectors, including Construction, Wholesale, Retail, Restaurants, Hotels, and Community Services. Headline inflation eased to 1.3% in October 2023, with food and core inflation slowing to 1.9% and 1.2%, respectively, due to slower price movements. This indicates that the economy is approaching stability since the onset of the COVID-19 pandemic.
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