FORMER APNU+AFC Finance Minister Winston Jordan has acknowledged that rising prices and cost-of-living pressures are affecting countries globally and are not unique to Guyana.

Jordan was speaking during a live programme and he pointed to international economic factors, including tariffs and oil prices, as contributors to the rising costs being experienced by consumers worldwide.

“What is taking effect right now is the inflation,” Jordan said, as he noted that the impact of “humongous tariffs” and oil prices are driving up prices in supermarkets and malls.

Jordan said he was surprised by the increase in prices in the United States at certain retail chains traditionally viewed as affordable options for lower-income consumers.

“Even that is beginning to be outside the reach of the average person when it comes to certain things, because there’s nothing cheap anymore in the Walmarts and the Targets,” he said.

He went on to note that he was able to compare prices over decades of travel to the United States, dating back to 1982.

“Over time, I’ve been able to compare prices,” Jordan said while reflecting on the significant increase in the cost of goods.

Jordan’s remarks signal that the issue of rising costs is not an issue  affecting Guyana only, but one that affects the world, even larger, more developed countries.

His comments also mirror assessments from international financial institutions and economists who have pointed to global supply-chain disruptions, geopolitical tensions and higher energy costs as key drivers of inflation worldwide.

Governments across both developed and developing countries have faced mounting pressure over food prices, transportation costs and other consumer expenses following the global economic shocks.