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Abstract
The dominant explanation for the rapid rise in food prices trend has raised major concerns in relation to the impact on the poor from the perspective of developed and middle- and low-income families in the Turks and Caicos Islands. Increasing food prices and inflation pose a substantial risk to global economic recovery and have been a burden on the impoverished population on the island particularly, Grand Turk- the Capital. Whereas 80% of middle- and low-income families spend roughly half of their household incomes on food.
The objective of the study was to determine the effects of rising food prices on people’s perceptions and coping strategies regarding household food security. Furthermore, this experiment filled the gaps in the literature available in regard to the island as it pertained to the advantages and disadvantages that influence locals to spend at the local supermarkets, and lastly strategies that they can implement to combat the rising food prices and the devastating effect this may have on the health of poor households in the community.
Recently, the overall inflation rate was reported to be around 7%, with increased food prices accounting for the majority of the price increase. Many economies have seen an increase in inflation as a result of supply chain disruptions, which have increased costs, and historically tight labor markets. A few detrimental effects of inflation include disproportionately affecting low-income households, increased cost of living, and an increase in interest rates.
A descriptive and exploratory study was conducted using qualitative methods by means of an administered, structured questionnaire. The accessible population was 50 middle-income and 50 low-income families in Grand Turk which were purposively selected from the 100 households where Open and closed-ended questions were used to collect the data.
The data that was gathered was then analyzed and interpreted utilizing a thematic analysis. These themes were identified while gathering the literature surrounding the topic. The findings of the study presented the answers to the research questions surrounding the investigation of how rising food prices made high-quality food scarce for poorer households, forcing them to resort to cheaper or less nutritious foods.
The majority (58%) of participants indicated that their eating habits had changed owing to rising food prices. Approximately 60% of the participants stated that they bought food in bulk as a short-term strategy to cope with rising food prices. Approximately 50% had a vegetable garden to alleviate food unavailability and harvested for subsistence to meet non-food expenses. The majority (57%) of participants converted to buying cheaper brands, such as generic store brands. Lastly, it was determined that Rising food prices had a negative impact on both low-income and middle-income families in the community.