Caribbean News
JAMAICA: Statin Reports Decrease in December Inflation Rate
#Kingston, January 20, 2023 – The rate of inflation for December 2022 decreased by 0.9 percentage point to 9.4 per cent, compared to November, the Statistical Institute of Jamaica (STATIN) has reported.
The reference week for the December 2022 Consumer Price Index (CPI) was the first full week of the month.
Director General, Carol Coy, says the negligible decline in the index was mainly influenced by a one per cent fall in the out-turn for the heaviest weighted division – ‘Food and Non-Alcoholic Beverages’.
Speaking during STATIN’s digital quarterly media briefing on Tuesday (January 17), Ms. Coy said the decline in the
division mainly resulted from a 1.1 per cent drop in the index for the ‘Food’ group, despite the ‘Non-Alcoholic’ category rising by one percentage point.
She told journalists that the inflation rate was also impacted by the ‘Transport’ division, which fell by 0.9 percentage point, due mainly to a 3.7 per cent decline in the index for the group ‘Operation of Personal Transport Equipment’, as the costs for petrol continued to decrease over the period under review.
“The inflation rate was, however, tempered by increases in the index for the divisions ‘Restaurants and Accommodation Services’, up 3.4 per cent, mainly impacted by increased prices for meals consumed away from home, and ‘Housing, Water, Electricity, Gas and Other Fuels’, up 0.7 per cent, due mainly to increases in the rates for electricity, water and sewage,” the Director General pointed out.
Ms. Coy advised, however, that the December 2022 inflation rate represented an increase on the out-turn recorded 12 months earlier.
This [December 2022] inflation rate was mainly attributed to increases in the index for the divisions, ‘Food and Non-Alcoholic Beverages’, up 13.8 per cent;, ‘Restaurants and Accommodations Services’, up 23.9 per cent, and ‘Housing, Water, Electricity, Gas and Fuels’, up 2.8 per cent,” she indicated.
STATIN advises that the 2022/23 fiscal year-to-date inflation rate is 6.2 per cent.
The CPI measures changes in the general level of prices of consumer goods and services purchased by private households.
Contact: Douglas McIntosh
Release: JIS
Dana Malcolm
Staff Writer
#TurksandCaicos, March 17, 2023 – Revenue from the Turks and Caicos’ Financial Services Sector will more than double in the next few years, if E Jay Saunders, Deputy Premier and Finance Minister gets his way. It ‘s one of the reasons the country is investing so much capital into getting off of the EU blacklist and becoming a secure trustworthy financial destination.
“The FSC’s revenues for 2020/21 was $10.5M— the figures for 2021/22, would be about similar,” he said. He further explained that $10.5 million from the FSC represented about 2.6 percent of the country’s 408.5-million-dollar
revenue. Though it increased to $14 million in the 2021/22 financial year, finance is still a small fry compared to tourism or even stamp duties but that will change, says Saunders.
“My revenue goal for the Government by the year 2029 [or] the election after the next election – is $500M. By that time, I want the financial sector (FSC) revenues to represent at least 5% ($25M). So that’s my goal for the financial sector by 2029.”
This goal, should it be met, would increase the Government’s revenue by 100 million dollars, a significant increase in spending power for local upgrades and improvements for Turks and Caicos residents and visitors.
Saunders says it’s time for the TCI to diversify its sources of revenue to make sure that what happened in the COVID-19 pandemic, which saw residents out of a job for months, will not happen again. Tourism now makes up around 80 percent of the country’s GDP. The Minister of Finance wants to push that down to 60 or even 50 percent.
Dana Malcolm
Staff Writer
#Haiti, March 17, 2023 – When a CARICOM delegation visited Haiti earlier this month, conspicuously absent was the Turks and Caicos Islands despite being one of the nations most directly affected by the multi-dimensional crisis there. There is no comment, as yet from the Premier, to say why this was the case.
Still, from the expedition, CARICOM heads of Government have informed that there will be lobbying in Africa for assistance in Haiti. They say they have decided that the best course of action for the Caribbean country is to bolster the Haitian National Police and act as intermediaries with Africa and the world. The decision follows a one day visit on February 27th, and a March 5th meeting chaired by the Bahamas.
CARICOM says during the trip delegates ‘met with a broad range of Haitian stakeholders to hear their views on the
way forward to a Haitian-led solution’. With that in mind it has made a decision on how to proceed.
“The Heads of Government agreed to support the Haitian National Police in their efforts to address the security situation. The focus of the Community will be the provision of training for the HNP and the provision of humanitarian assistance to HNP and the wider Haitian society, taking into account the challenging humanitarian and security situation”
It’s not clear yet where and how this training will take place. Also distinctly absent from the report, no more mention of boots on the ground from other countries despite CARICOM Member States indicating they were ready and willing should it come to that.
In addition, recognizing ‘the common historical experiences and the strong African-Caribbean relationship’ CARICOM says,
“Heads of Government also agreed to seek support from African countries for Haiti. They also agreed to work with the Governments of Canada and the United States as well as the UNDP”
Magnetic Media has reached out to the Premier’s Office to get a full debrief of the February 27th visit (led by Jamaica; including The Bahamas and Trinidad and Tobago) to learn of Turks and Caicos’ posture following the critical sessions.
Dana Malcolm
Staff Writer
#TurksandCaicos, March 17, 2023 – Musicians from the New World Symphony will be in the Turks and Caicos in concert next month and residents are invited to attend in support of the future of Ashley’s Learning Center. 
A fairly young orchestral academy based in Miami, the New World Symphony was launched in the 1980s by 1987, Michael Tilson Thomas and Ted Arison,Carnival Cruises founder. From the 1500 applicants who vie for a spot each year, the symphony accepts around 35 music graduates annually for training fellowships.
A select few of those graduates will be in country on April 8th headlining at the Ashley’s Learning Center concert ‘We’re all in this together’. The concert which also feature local artistes will be held at Brayton Hall on Venetian Road from 6 pm to 8:30 pm
Tickets are available ON ISLEHELP $75 PER GENERAL SEAT $125 PER PREMIUM SEAT $195 PER GALLERY SEAT – with /FREFRESHMENTS.
For TICKET RESERVATIONs you can call: 649-341-2304 or email EVENTS@ASHLEYSLEARNINGCENTER.ORG
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