St Kitts and Nevis records one of the Caribbean’s lowest inflation rates, below 1%

The Financial Secretary of St Kitts and Nevis, Carlton Pogson, announced during the National Budget Consultation held at the St Kitts Marriott Resort that the twin island nation has recorded one of the lowest inflation rates in the Caribbean i.e. below 1%.  

Pogson highlighted that this underscores the government’s aim to protect citizens’ purchasing power while also maintaining a sustainable economic growth. He added that this achievement reflects a sound monetary discipline, effective coordination with regional financial institutions and strategic interventions by the Government of St Kitts and Nevis, to counter the impacts of cost of living.  

Prime Minister and the Minister of Finance Dr Terrance Drew emphasized that economic stability plays a crucial role in building the island as a sustainable state.  

“Our focus is clear: to build an economy that protects our people, empowers our youth, and secures our nation’s future,” Prime Minister Drew affirmed in recent remarks. “Low inflation is not just an economic statistic, it is a measure of the well-being of our citizens.” 

Economists highlight inflation as a strong indicator of growth  

According to several renowned economists, this marks a milestone achievement as recording inflation below one percent in the current global climate is a strong indicator of growth in the local economy, through effective policy design. According to them, this achievement has positioned St Kitts and Nevis as a regional leader in economic management and as a model for other small island developing states that focus on achieving resilience and a long-term prosperity.  

The budget consultation during which these remarks were made, brought together several renowned personalities from different communities through both public and private sectors. This was done to ensure that the budget for the upcoming fiscal year is not just policy centred but people centred as well.  

The authorities have held different budget consultations in different communities and will continue to do so in the upcoming month as well before announcing a finalized date for the announcement of budget for the upcoming fiscal year.