President of the Jamaica Manufacturers and Exporters Association, JMEA, John Mahfood says shipping and freight costs play a major role in the inflation rate globally.
Speaking during Nationwide @5 Tuesday afternoon, Mr. Mahfood noted that the United States’ internal affairs impact the economies of smaller countries including Jamaica.
Mr. Mahfood explained that manufacturers are pardoned from some expenses, because they import raw materials instead of finished goods.
John Mahfood, JMEA President
Meanwhile, President of Jamaica Broilers, Christopher Levy says manufacturers are experiencing a revolution in inflation rates globally.
He says it’s an unusual change.
Christopher Levy, President of Jamaica Broilers
Meanwhile both Mr Mahfood and Mr Levy agree that food prices will continue to rise if global economic trends remain.