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Inflation In Trinidad And Tobago

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What is Inflation?
Inflation refers to as a constant growth in the overall cost level for goods and services. It is measured as annual percentage increases. As inflation rises, every dollar you own buys a lesser percentage of a good or service. The value of a dollar does not stay continuous when there is inflation.

List and explain the different types of inflation and highlight the type of inflation experienced by Trinidad and Tobago.

Inflation in Trinidad and Tobago is the direct result of a few influences that can harshly affect the country. Inflation affects most of the basic commodities such as food which can cause many issues for the average family. As we are dependent on other countries for goods, that has an opposing effect on the prices for consumer’s goods. This means that each time an item is exported to our country, it is the government’s responsibility to pay import tax on the imported goods.
If the worth on products are already high prior to import, think about what quantity are going to be the price once taxes and duties are additional to that. The government and privately-owned corporations got to pay the worth of the products and will have to raise the worth even greater if they need to gain any profit. The consumers will then have to pay the augmented value and a VAT of fifteen percent. That alone will force many of us into economic failure and impoverishment.
Global Warming is another explanation for inflation in the country. Within the efforts to hinder

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