Barbados’ food retailers say it will take some time for prices here to start to fall despite the downward trend in global food prices.
The UN’s Food Prices Index has fallen for the fifth month in a row, in what analysts say is a sign that one of the main pressures pushing up the cost of living around the world could ease.
The index fell to 138 in August and is now lower than it was before Russia’s invasion of Ukraine. Both Russia and Ukraine were major exporters of crops including sunflower oil, corn and wheat.
The UN’s Food and Agricultural Organisation says July’s UN-backed deal to re-open Ukrainian ports has eased cereal and vegetable oil prices allowing more supplies to reach international markets.
Chairman of the Retail and Distribution Group of the Barbados Chamber of Commerce and Industry, Tomlinson Bynoe, tells Starcom Network News the international trends are positive but will take time to filter down.
Mr. Bynoe says that despite the downward trend of some international commodity prices some of their suppliers are still raising rather than reducing prices.
Chairman of the Retail and Distribution Group of the Barbados Chamber of Commerce and Industry, Tomlinson Bynoe.