Drought could have implications for inflation targets

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Topic: Drought could have implications for inflation targets

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HABLA RUPTION

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Status: Offline

Posts: 2039

Date: 10:32 04/07 2010

Drought could have implications for inflation targets

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Concern is being raised that the effects of the worsening drought could have implications for the Government's inflation target this fiscal year.

There are fears that among other things, the dry spell will lead to a spike in the prices of agricultural produce as well as a shortage of supplies.

Economist Dr. Davidson Daway says this will have an inflationary impact.

"Of course there is less production at this point in time. it was the intention of the government to reduce the amount of imported food but as you can tell due to the uncanny situation we have to rely on imports because of course we have to feed the people," Dr. Daway said.

He says this also has implications for the Budget as the Government will have to find funds to assist farmers who have been hit hard by the drought.

Agriculture at risk

And farmers in Jamaica's southern farming belt continue to rack up huge losses as the drought takes a major toll on the agricultural sector.

Chief Technical Director in the Ministry of Agriculture, Dr. Mark Panton, says bush fires triggered by the dry conditions have resulted in farmers in sections of St. Elizabeth losing crops valued at more than $20 million.

"We have lost about over 30 acres worth $24 million worth of crop production in St. Elizabeth alone, it's a very bad effect coming out of the drought," Dr. Panton said.

He says 11 parishes are currently facing moderate to severe drought.

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