PM Gonsalves warns of hard economic times ahead

Prime Minister Dr Ralph Gonsalves has issued a warning to Vincentians of the tough economic times that are ahead.{{more}}

Gonsalves, who was at the time speaking at last Tuesday’s sitting of Parliament, said that there were some immediate challenges facing the country.

Among those challenges came the news that the price of Brent Crude Oil had risen to US$121 per barrel on Monday.

“We are going to see further increases in electricity, no doubt, and in the cost of fuel,” the prime minister explained.

He attributed the increase to demand and the problems in the Middle East and North Africa.

Gonsalves also said that food prices were increasing internationally.

He noted that they had gotten word from the main supplier of brown sugar that the price of that commodity was now US$640 per metric ton, up from US$540.

The price of wheat was also increasing, according to Gonsalves, and was caused by bad weather among some of the top producers, including Australia, Russia and Canada and the decision to use corn in the manufacture of corn ethanol as an alternative fuel source.

“We suffer from these issues,” Gonsalves said, adding that while some persons were engaged in all sorts of other antics, such persons needed to focus in on some of these serious issues.

“I find that the public discourse focuses on a lot of trivia,” he said.

“These are not sexy subjects, but they are matters of our well being,” Gonsalves continued.

These issues meant that people needed to come together to find solutions to find alternatives to rising food prices and to come up with strategies for reducing the food import bill, the prime minister contended. (DD)