COVID-19 Era Inflation and the Rise of Consumer Expenses
The world is experiencing what some would call a COVID-19 era inflation, and earlier this year, local manufacturers and importers warned that disruptions in the global supply chain could significantly impact business activities in Jamaica. With claims that shipping container costs have increased 500% year over year.
Yesterday the Statistical Institute of Jamaica (STATIN) revealed that from July 2020 to July 2021, there was 5.3% inflation. Most of which can be attributed to rises in the cost of food and non-alcoholic beverages. Meanwhile, wages have stagnated, and unemployment is at 9%, and the current minimum weekly wage would be insufficient to afford a COVID-19 test.
We discussed the COVID-19 era inflation and the rise of consumer expenses.
Michael Leckie, President of the Small Business Association of Jamaica, and Dennis Chung, Chartered Accountant and Economic Commentator, joined the CVM Live Panel Discussion.
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