Rashaed Esson
Staff Writer
#Haiti, November 27, 2023 – Haiti’s food security is being worsened by recent inflation levels, according to the Haitian Institute of Statistics and Informatics (IHSI).
This comes as the institute informed that “a shape acceleration in inflation was recorded on a monthly basis” referring to the measurements for October.
It said the General Consumer Price Index (CPI, 100 in 2017–2018) went up by 3.4 percent in October of the year, compared to 2.3 percent in October.
Consequently, food prices between September and October increased by 4.8 percent, more than double normal prices, says ProEco Haiti, an economic consultant, as it informed it is concerned that this risks the worsening of the food situation in the country.
ProEco points out that this increase in prices is in the first month of the 2023-2024 fiscal year and is due to the closure of the land border between Haiti and the Dominican Republic, not to mention the fact that Luis Abinader, President of the Dominican Republic, unilaterally announced the complete closure of the border on September 15th, 2023.
Now, considering this, as ProEco expressed, the increase in prices is due to the border closing, as Haiti is dependent on the Dominican Republic. However, the economy consultant urges the public and private sectors to work to diversify the country’s commercial partners, reducing its dependence on the neighboring republic while mitigating the effects on its economy of possible crises between the two countries.
Furthermore, despite the fact that inflation increased in October, the IHSI revealed that there is not just bad news, as there is some level of progress for the republic as the deceleration of prices at an annual rate has been seen. It said inflation in October 2023 stood at 22.8 percent, the lowest reached since October 2021. Additionally, ProEco added to this fact, saying that annual inflation was 31.8 percent in September 2023.
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