iciHaiti – Economy: The overall cost of the food basket continues to increase
09/05/2024 10:53:12
The overall cost of the basket continues to increase. Compared to last week, the cost of the basket increased by 2%, an increase of 532 Gourdes (±4 US$).
Compared to January 2024, the monthly cost of the food basket increased by 23%, an increase in absolute value of 6,353 Gourdes (equivalent to ±47.88 US dollars) to stand at 33,943 Gourdes (± US$256, for a family of 5, or US$1.70 per person per day)
Retailers are facing challenges with limited stocks of essential products, leading to continued price increases.
Supply constraints, physical access to markets due to insecurity and suppliers’ reduced access to credit (lack of confidence during the crisis) have limited the availability of cereals and pulses.
The markets of the municipalities of Cité Soleil, Pétion-ville and Croix-Des-Bouquets are distinguished by three key factors:
1 – A shorter stock period available at retailers (7 to 10 days);
2 – A longer restocking period (9 to 11 days;
3 – Greater demand from households.
Furthermore, the black market is beginning to be used for the supply of fuel, in particular the gallon of gasoline at least 25% more expensive than the price at the pump.
Due to this restocking issue, prices of some key products have increased, compared to the previous week : beans (+29%), corn (+6%) and rice (+3%).
Concerning the evolution of prices over the next three months, 78% of the retailers surveyed believe that food prices will continue to increase.
In the capital, the near real-time monitoring system of the World Food Program (WFP) shows that households are finding it increasingly difficult to cope with the economic consequences of rising prices and the current security situation.
33% said they had suffered an economic shock (increase in raw material or fuel prices, job loss, reduction in activities) since the beginning of April, making it difficult to be able to pay the minimum food basket. In addition, 94% of households do not have food reserves and buy their food daily.
IH/ iciHaïti
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