Comissioner tells Bahamians buckle up for rising prices
NASSAU, BAHAMAS — The Consumer Protection Commission (CPC) is assuring the public that it will continue to monitor the global change of consumables and ensure that local wholesalers and suppliers abide by the regulations laid out in the Consumer Protection and Price Control Act.
We are looking at staggering price increases. There is no way, at this time, to control this global environment.
– Consumer Protection Commissioner Walter Ferguson
The commission said in a statement that it has taken note of the rise in inflation in the United States — The Bahamas’ largest trading partner — and warnings from local merchants that the price of everyday goods is expected to also rise as a result.
“The commission will continue to monitor the global change in prices of consumables and ensure that all local wholesalers and suppliers abide by the regulations laid out in the Consumer Protection Act and the Price Control Act,” the CPC noted.
“Bahamians should bear in mind that inflation in the United States has risen by more than seven percent in the past year and is the largest annual spike in the consumer price index for the nation in more than 30 years.”
Walter Ferguson, consumer protection commissioner, noted: “One of the biggest challenges in our country is that more than 90 percent of our goods are imported.
“Due to the supply chain disruptions, bad weather, staff and trucking issues in our number one source market, the United States, our prices will rise.”
He added: “Inflation has hit the United States by seven percent, so you can only imagine what is going to happen here in The Bahamas.
“We are looking at staggering price increases. There is no way, at this time, to control this global environment.
What we will have to do as Bahamians is buckle our belts, tighten up and buy what is needed more than what is wanted.
– Consumer Protection Commissioner Walter Ferguson
“What we will have to do as Bahamians is buckle our belts, tighten up and buy what is needed more than what is wanted.”
The Consumer Protection Commission reminded Bahamians of their rights to receive expected value for services and purchases rendered, which are safeguarded by legislation.
Super Value Chief Financial Officer (CFO) Debra Symonette recently urged Bahamians to brace for price increases on grocery items.
Symonette said the price increases were being driven by supply chain issues caused by the COVID-19 pandemic and the 10 percent increase in value-added tax (VAT) on breadbasket items.
Loading ...
