Blame pricier foods on the environment: Central Bank

Santo Domingo.- The Central Bank of the Dominican Republic on Mon. said the rise in the prices of some foods is mainly due to the delayed impact of environmental factors such as the drought in the first half of the year and more recently by the passage of tropical storms Isaías and Laura.

It said the events affected productivity and the supply of various foods in the market. “In addition, the increase in the costs of imported supplies used in the production of various agricultural items has had an impact,” the Bank said.

The information is in the “Some clarifying points about the estimates of the Consumer Price Index (CPI),” by the Department of National Accounts and Economic Statistics and published in the Open Page section on Sun.

“It stands out that in the quintiles with the lowest purchasing power, the Food and Non-Alcoholic Beverages group represents the largest proportion of the monthly expenditure, and it is the members of this quintile who receive more intensity when food prices increase.”