Policies to be crafted to cushion impact of rising global prices- President Ali

Last Updated on Saturday, 25 December 2021, 11:45 by Written By Denis Chabrol

President Irfaan Ali on Saturday- Christmas Day- said government would be working out policies to ease the impact of  rising global prices as a result of a slowdown in supply chain operations because of the coronavirus pandemic.

“The outlook for 2022 is exciting but will not be without challenges as we continue to face a worsening global supply chain. The consequences of which will be continued rising prices for imported goods, supplies and transportation services.

This, coupled with climate change and the pandemic, would require robust and strategic policymaking to mitigate against the full consequences of the challenges, both social and economic, as I outlined before,” he said in his Christmas Day message.

The cost of shipment has skyrocketed dramatically with prices moving from US$5,000 per container to as much as U$25,000 per 20-foot container.

Guyana and other Caribbean Community (CARICOM) member states have also been crying out about a steep rise in the prices of basic consumer items.