“Price hikes pounding pockets of poor”
“Price hike cry”
“Meat & poultry farmers say wrong persons getting increase”
The global economic shock of the Ukraine-Russia war, has definitely announced itself to our macroeconomy here in Jamaica. And with it’s announcement, has brought inflation that compounds atop of the inflation caused by the Covid-19 pandemic; that has been wreaking havoc on the Jamaican economy, since 2020. As a Small Island Developing State (SIDS) that depends on the importation of grains such as corn, wheat, oats & rice–needed for the feeding of livestock & human population(s) alike; and with Russia who being a major global supplier of at least 2 of the grains mentioned + oil, being heavily sanctioned by western powers (i.e. United States of America, Great Britain & European Union Countries)–thus increasing demand for said commodities; the price hikes of food, oil, and their extended industries–as is currently the case in Jamaica, is inevitable.
How can you lessen the disastrous impact of the current global commodity (oil, wheat…)price crisis, on your life, the lives of your family & livelihood?
Here Are 3 Coping Tips
Tip#1: Keep paying attention to the market, economic, business, & global news from trusted sources (international & local). This ‘status-synopsis-gathering’ will help you stay current, and by staying current, you will be better-suited to prepare & act strategically, specific to the circumstance(s) as they unfold, or are forecasted to unfold.
Tip#2: Conduct a food audit for yourself & family. What this is, is you consciously gathering data on the food you consume:
- The food you & your family consume for breakfast, lunch & dinner, daily-seasonally (holidays, religious).
- The economic/financial cost of the food you and your family consume daily. This cost can be considered on a daily, weekly, monthly, quarterly & annual basis.
- The food you can actively produce to feed yourself and family (vegetable gardening & livestock-rearing). And the current & forecast costs & expanded hazards/risks (pests & diseases, predial larceny). Your production & hazard/risk capacities can be considered on a daily, weekly, monthly & annual basis.
Tip#3: Conduct input cost auditing on your business/revenue stream(s). Your ultimate goal is to know how much you’re spending, or forecasted to spend; and cut back on your spending without affecting your normal day-to-day operations, at the least. This will require your consistent effort of:
- Intel-gathering on the current economic climate (local, regional, international).
- SWOT (strength, weakness, opportunities, threats) analysis; and threat(s) buffering.
- Creating solutions that satisfy needs in a way that people are willing to pay you, or pay you more, for your solution(s)–Entrepreneurship & Intrapreneurship (entrepreneurial within place of work). And these solutions created, should be linked to the opportunities & your strength(s) identified in your SWOT.
The shocks of Covid-19 & the ongoing Ukraine-Russia war, have resulted in the continuing (at time this post was written) hike in prices of food & oil. World-over & here in Jamaica, people across all economic classes are reeling from the the direct & indirect inflationary effects of these shocks. But with the coping tips shared herein, you are now positioned to cope through these shocks, and the shocks to come.
“Your Sustainable Fitness Partner”.
About The Author
Oshane Bryant: BSc Geology, Geography Minor; ACE CPT since 2012; Jamaica Business Development Corporation (JBDC) Accelerator Graduate-2018 cohort; KUKIBO Martial Arts & Self Defense, Senior Instructor; OB Fitness Founder & Managing Director.