This is one of several measures that would be undertaken by the current administration as it deals with rising inflation and food prices.

Minister of Finance, Conrad Enill. AFP PHOTO

Minister in the Ministry of Finance, Conrad Enill, made the announcement while speaking in the Senate on Tuesday on a government motion meant to increase the borrowing limit in the country from TT$8 billion to TT$20 billion to better manage excess liquidity in the economy.

He also noted that while Trinidad and Tobago was not directly affected by record-high global oil prices due to Government's TT$1.3 million subsidy on fuel, it was experiencing indirect effects with regard to inflation.

Enill added that the increase in food prices was concentrated in fruits and vegetables partly due to constraints related to the structural decline in domestic agriculture during the past several years.

He acknowledged that an unusually high increase in food prices had played a major role in inflation performance since the mid-1990's and had been significantly larger than what was experienced by other member states within CARICOM.