Finance Minister Discusses about Inflation and Cost of Living Challenges.
FIJI NEWS
The Honourable Deputy Prime Minister explained that much of Fiji's inflation and the rise in goods' prices are dictated by the cost of these goods in other countries. But is the government addressing the cost of living?
Hon Biman Prasad highlighted the approaches the Fijian government implemented to address the issue, such as providing direct support to families through increase in social welfare, price support to sugar cane farmers, subsides for non-sugar crops, and increasing minimum wage rate.
The government's strategy focuses on providing targeted assistance to the most vulnerable, helping them mitigate the impact of the rising cost of living.
This ensures that those most in need receive the necessary support to manage their daily expenses.
Honourable Biman, while speaking to Duavata News, also highlighted the 21 food items zero vat which also included prescribed medicines. This has allowed more consumption planning, investment lending, and increased confidence in the economy and amongst the consumers.
Increases in the cost of living are here to stay due to multiple factors beyond the government’s control, including price fluctuations in other countries and global conflicts, such as those in Europe.
While the government can only do so much, we must also take measures to protect ourselves. These include simple actions like subsistence farming, assisting our neighbours, or being more strategic with saving money.
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