NASSAU, BAHAMAS — The government has approved an increase in the price of several breadbasket items: cooking oil, corned beef, evaporated milk, flour and margarine.
The Ministry of Economic Affairs published a notice of this approval in newspapers yesterday.
The responsible minister, Michael Halkitis, told Eyewitness News such items are usually allowed to increase by cents, not dollars, though it was unclear up to press time how much the items have increased to this time.
“The consumer affairs division is responsible for the regulation of price-controlled items,” he said.
“So what happens is importers if they have experienced an increase in their costs, they would apply to the consumer affairs division indicating that they imported certain items, their costs have increased and they will be applying for the maximum selling price based on their cost and the fixed margin.
Halkitis said the price increase reflects global inflation.
“What happens is consumer affairs division gathers the documents, verifies that the cost has indeed gone up and applies that fixed margin to it and as part of the process that information is then gazette meaning it’s published and it’s also laid in parliament so it’s a part of the public disclosure and transparency process whenever there is an increase in the price of these items,” he said.
“And as we know in terms of what’s been going on with global inflation from time to time we would see these things but that information has to be verified by consumer affairs. What is indicated changes in maximum selling prices and the wholesale and retail levels for those items.”
“I just want to reiterate we are in a very uncertain time for the world. So first of all, that is a normal thing to review those things and then publish.”
In December, Super Value owner Rupert Roberts called for the end of the price control regime, saying it is creating more problems. He told Eyewitness News it takes too long for price changes to be approved in light of global price hikes and supply shortages.
He said retailers and wholesalers have ultimately increased prices on non-price-controlled items to compensate for losses on price-controlled goods.
