“We keep prices down.”

– Vice President Jagdeo on inflation

Vice President Bharrat Jagdeo says the People’s Progressive Party/Civic (PPP/C) government is proactively addressing the challenges of inflation and cost of living.
In order to comprehensively manage the country’s changing economic landscape, the government will focus on key areas that directly affect the daily lives of citizens.
Last Thursday, Dr Jagdeo gave an in-depth look at the government’s economic strategy at his weekly press conference, highlighting inflation as a key indicator.

“You look at transport, utilities, internet bills, electricity, water bills, you look at food price increases. Food is one of the factors that measure the cost of living or inflation,” Dr Jagdeo explained, outlining the wide range of factors they consider in their assessment.
The Vice President highlighted the proactive stance taken by the Government in curbing price increases, especially in important sectors.

“There are five areas, five key areas where inflation is raging around the world, where we have sought to intervene through direct government policy to push down or reduce prices,” he said.
This approach acknowledges the impact of imported inflation on food prices while demonstrating the Government’s commitment to mitigating its impact on Guyanese citizens.
The Vice President further elaborated on the specific measures taken by the government, saying: “Look at what we have done this year.

I pointed out the measures we have taken to reduce the price of petrol, as well as to provide people with subsidies for internet, water, electricity, etc. These interventions are aimed at providing relief to multiple sectors of the economy and addressing the multifaceted nature of the inflation and cost of living issues.”
The Vice President also took the opportunity to clarify to the public the relationship between the cost of living and inflation.

“Cost of living and inflation are basically the same thing. Because cost of living – if you think about it, you don’t have to be an economist – you can think about it like a normal person. If your utility bill goes up, then it also affects your standard of living, or your transportation costs,” he explained, making economic concepts more acceptable to the public.
As Guyana’s economy continues to develop, particularly with the growth of the oil sector, controlling inflation and the cost of living remains a priority for the Government. Vice President Jagdeo outlined the PPP/C Government’s approach, demonstrating the Government’s commitment to using a variety of policy tools to support the people of Guyana while addressing global economic challenges.
The government’s efforts to tackle inflation come at a critical time, with both the public and the opposition closely watching its economic management.