Premier projects inflation drop in 2025
Premier and Minister of Finance Dr Natalio Wheatley announced that the inflation rate in the British Virgin Islands (BVI) is expected to decline from over three percent in 2024 to a projected 2.15% in 2025.
During his 2025 budget address last week, Dr Wheatley noted that the Central Statistics Office reported an average inflation rate of 3.30% between January and June 2024, with varying price changes across goods and services. While the rate is not expected to change for the rest of 2024, it is projected to drop next year.
Despite the anticipated decline, Wheatley acknowledged that inflation levels will remain above pre-pandemic rates. He emphasized that the government would continue to monitor inflation trends in the United States, from which the BVI imports most of its goods. The U.S. inflation target typically ranges between 2% and 3%.
“We will continue to explore options for insulating our people from the negative impacts of inflation, including the potential for targeted relief,” Dr. Wheatley stated, adding that his administration is committed to addressing the challenges faced by residents.
Post-pandemic inflation trends
BVI government records show that inflation has fluctuated significantly since the pandemic. The inflation rate was just 0.4% in 2020 but surged to 2.8% in 2021. It slightly declined to 2.5% in 2022 and further decreased to 2.21% in 2023, before rising again to 3.30% in 2024.
Pre-pandemic, the inflation rate stood at 1.4% in 2019. However, the territory experienced its highest inflation rate in five years in 2018, at 2.1%, following the devastating hurricanes Irma and Maria in 2017.
Economic growth slowdown
In addition to inflation concerns, Dr. Wheatley projected a slowdown in the BVI’s Gross Domestic Product (GDP) growth by the end of 2024. He attributed this to several factors, including high borrowing costs, diminishing savings, persistent inflation, the lingering effects of the pandemic, and geopolitical conflicts in the Middle East and Ukraine.
Natural disasters and ongoing economic pressures continue to impact the BVI’s growth trajectory, the Premier stated.
Dr Wheatley’s address emphasised the importance of proactive measures to stabilise the economy while mitigating inflation’s effects on residents.
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
What planet does Natalio live on.
The one where he thinks the people are slow so he has a right. Goooo Premier, watch me wuk babae.
Recession then?
I think you’re right, we’ve all seen how good his math is!
looks like he wrote the book on excuses
got a plaster for every sore / yet he SQUANDERING OUR TAXPAYERS MONEY on FREE JAMZ etc / firing people who won’t say YES to whatever he dream up , or don’t agree with whatever he does . and the 3rd district representative has exposed his true self ( maybe the drew saw it first and had to deal with this two faced s**ke like he did , well they say birds of a feather flock together •¿• hey k where you at bro ? U stood up w the lady , like you really had the people’s best interest in your heart / or was it a set up ❓️ ,cause she got fired , and a fellow just slide in that seat while it was still warm , and U got QUIET like a lamb how come he didn’t fire you instead ? for INSUBORDINATION, somebody got played and we believe the game has just begun
SO, THE MAN FROM THE 3RD IS A SNAKE NOW BUT WHEN THE LADY HAD CROSSED OVER THEN, SHE WASNT NONE?
Is he talking about his ego ?
What is this gentleman smoking? Inflation will increase and with the state the country is in Tourists will stop coming and we are going to be in deep trouble. So today we have no water, no electricity and no roads.
the bVi , we are the best in the west – holy and blessed
These politician needs to stay off the script because they are very uneducated. The cost of living is so high the rich can’t afford it now either. They will be broke living here for one year. The grocery store sells outdated and close to date items for alot of money. Bobby’s is cheaper. I noticed the grocery store closes really early now
More than half of the public feel like the premier an id**t and probably don’t know what he talking about.
Just asking .. what kind of “Dr” is this man ? I looked everywhere and I cannot find any information.
All I can see is chaos and the BVI is crumbling by the second. I have no idea how these morons continue to destroy this country with their lack of vision and competence to make this place function properly. Thieving , sneaky and incompetent. Music tourism?? Really Natalio ?? Really? This man is a friggin joke. People have been complaining about the roads.. what did you do? Decide to dig up the already shitty roads and just leave them for weeks ?? No common sense ! God I can’t take it anymore!!!
Thinking sl**ande is actually Kamala Harris in drag? About the same thought processes.