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Budget 2023-2024: “Priority Is To Support The Purchasing Power Of Mauritians,” Says Padayachy

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The government has taken measures to support the purchasing power of the population, said the Minister of Finance, Renganaden Padayachy. He was answering a question from MP Ranjiv Woochit in Parliament. He added that since 2017, a series of measures have been put into place in view of this objective. He also added that in the 2022-2023 budget, many measures have been taken to support the most vulnerable and the middle class. “Despite inflation, the government is actively working on the purchasing power of the most vulnerable and the middle class,” said Renganaden Padayachy.

He pointed out that since 2021, prices have been rising steadily in many countries and Mauritius has not been spared. According to the International Monetary Fund, the global inflation rate has risen from 3.2% in 2020 to 4.7% in 2021 and then to a peak of 8.7% in 2022. This is the highest level recorded in the last 26 years.

In Mauritius, the inflation rate for the twelve months to April 2023 is 10.9%. In 2021, the inflation rate was 4%, and it reached 10.8%. However, the Minister of Finance has noted a downward trend in inflation over the past two months. The rate fell from 11.3% in February 2023 to 11.1% in March and 10.9% in April. “It is expected that the inflation rate will continue to fall in the future,” the finance minister predicts.

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