Food Prices Expected To Rise Locally
Consumers in Jamaica are being warned that they may need to dig a little deeper in the pockets for food items amid the continuing spike in prices for commodities globally and rising shipping expenses.
President of the Jamaica Manufacturers and Exporters Association Richard Pandohie says the prices of commodities such as wheat and corn will likely increase in the near future.
According to Mr. Pandohie, prices have been going up globally due to increased demand as economies rebound from the COVID-19 pandemic.
Alarmingly, he suggested that some of the price hikes will be significant, pointing to “tremendous increases in shipping price” as one of the factors that will drive the local price movements.
While speaking with RJR, he said:
Shipping costs have gone up over 300 per cent… so what you’ve been seeing, since about November/December, is that there’s been a steady increase in prices (due to) the underlying pressure, both on the input price and on the cost of transportation to get it here.”
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