6th of January, 2022. Georgetown, Guyana, South AmericaLast updated: January 6, 2022 at 18:54 pm
Against the backdrop of a booming oil industry and a meagre 7% increase in the minimum wage, the cost of everyday items in Guyana, South America has increased an estimated 20% over the last year – sparking fears that Guyana may be on the verge of suffering from the resource curse instead of reaping the benefits of much anticipated positive economic transformation.
To illustrate the phenomenon, here are just a few examples.
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Joining the bandwagon is a sudden spike in the inflation of Guyana’s currency against the US dollar as you can see from the chart below.
Further compounding the matter is the coronavirus pandemic which started off with a bang in 2022. 967 new Covid-19 cases were recorded in Guyana over the last 24 hours (December 5, 2022) and the Minister of Health has reported that the recently discovered Omicron strain has already reached Guyana. The Christmas and New Year’s festivities may have served as a catalyst for the coronavirus in Guyana, and around the world, over the past few weeks.
So, have you noticed a marked increase in prices for everyday items in your area of Guyana? If so, please tell us about it in the comments section.