-VP Jagdeo addresses inflation

The People’s Progressive Party/Civic (PPP/C) government is actively addressing the challenges of inflation and cost of living, Vice President Dr. Bharrat Jagdeo, has said.
In a comprehensive approach to managing the country’s evolving economic landscape, the administration is focusing on key areas that directly impact citizens’ daily lives.
At his weekly press conference on Thursday last, Dr Jagdeo provided insight into the government’s economic strategy, emphasising the focus on inflation as a key indicator.

“You look at transport, you look at utilities, you look at internet bills, you look at the electricity bill, the water bill, and food price increase too. Food is one of the elements that you measure the cost of living or inflation by,” Dr Jagdeo explained, outlining the broad spectrum of factors considered in their assessment.
The Vice President highlighted the administration’s proactive stance in combating rising prices, particularly in essential sectors.

“We’ve said in five areas, five of the critical areas where global inflation has been raging, that we have managed to intervene through direct government policies and kept the prices down or reduced them,” he stated.
This approach acknowledges the impact of imported inflation on food prices while demonstrating the government’s commitment to mitigating its effects on Guyanese citizens.
The Vice President further elaborated on specific measures taken by the government, as he stated, “But look at what we have done this year.

I pointed out what we did to keep gas prices lower, and people get subsidies on the internet, water, electricity, and all of that. These interventions aim to provide relief across multiple sectors of the economy, addressing the multifaceted nature of inflation and cost of living concerns.”
The Vice President also took the opportunity to clarify the relationship between cost of living and inflation for the public.

“Cost of living and inflation are the same thing, basically. Because cost of living—if you just think about it, you don’t have to be an economist—you think about it as an ordinary person. If your payments for utility bills go up, then it affects your living standard too, or your payment for transportation,” he explained, making the economic concepts more accessible to the general public.
As Guyana’s economy continues to develop, particularly with the growth of its oil sector, managing inflation and cost of living remains a priority for the government. The PPP/C administration’s approach, as outlined by Vice President Jagdeo, demonstrates a commitment to utilising various policy tools to support the Guyanese people while navigating global economic challenges.
The government’s efforts to tackle inflation come at a crucial time, as both the country and the opposition closely watch the administration’s economic management.