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Friday, December 1, 2006
In Trinidad, the rate of annual inflation reached double digits, rising from 9.6 percent in September to 10 percent in October. According to officials at the Central Bank, this is the fastest pace of price rises in 12 years. Food prices were the main driver of inflation in October, registering an increase of 26 percent between October 2005 and October 2006. Vegetable prices shot up 63.4 percent. The central bank, which has tried to rein in this years inflation, which was partially stimulated by a boom in the natural gas industry in Trinidad and Tobago, said it intended to squeeze excess liquidity out of the economy through increased sales of forein exchange, by issuing a US 112 million dollar eight year bond and by implementing other measures to curb the fast rising levels of inflation.
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