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Industry Minister Karl Samuda Tuesday morning gave an update on escalating food prices at a press conference in Kingston.
He said come March 31st the Ministry would be reviewing the subsidy on the five basic food items implemented in January.
He said the aim of the subsidy was to stabilize food prices rather than to roll back the cost of items.
Mr. Samuda added that they were seeking a long term solution.
He added that there would be a meeting with his CARICOM counterparts to implement initiatives at a regional level.
Mr. Samuda also pointed out that corner shops were selling the subsidized food items at 10 per cent more than some supermarkets.
The Ministry is also seeking to implement a subsidy at the point of entry for imported goods, in order to stabilize the prices.
He said come March 31st the Ministry would be reviewing the subsidy on the five basic food items implemented in January.
He said the aim of the subsidy was to stabilize food prices rather than to roll back the cost of items.
Mr. Samuda added that they were seeking a long term solution.
He added that there would be a meeting with his CARICOM counterparts to implement initiatives at a regional level.
Mr. Samuda also pointed out that corner shops were selling the subsidized food items at 10 per cent more than some supermarkets.
The Ministry is also seeking to implement a subsidy at the point of entry for imported goods, in order to stabilize the prices.