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Government approves price increases for some breadbaskets – Witness News

Bahamas, Nassau — The government has approved several bread basket price increases, including cooking oil, corned beef, evaporated milk, flour, and margarine.

The Ministry of Economy published a notice of this approval in the newspaper yesterday.

Responsible Minister Michael Harkitis said Witness news Such items are usually allowed to increase in cents instead of dollars, but it was unknown until press time how much the item had increased by this point.

“The Consumer Affairs Department is responsible for regulating price-controlled items,” he said.

“That is, if the importer experiences an increase in cost, it means to apply to the consumer sector to import a specific item, increase the cost, and apply for the maximum selling price based on the cost. margin.

Harkitis said rising prices reflect global inflation.

“What happens is that the consumer affairs department collects documents, confirms that costs have actually risen, and applies that fixed margin. As part of the process, the information becomes a gusset and is made public. As the price of these items rises, we will explain the process of disclosure and transparency, as it will be submitted to Congress as well, “he said.

“And, as we know about what is happening from time to time in global inflation, we will see these things, but that information must be verified by consumer issues. What is happening is the change in the maximum selling price and wholesale and retail levels of these products. “

“We would like to reiterate that we are in a very uncertain time for the world, so first of all it is normal to review and publish them.”

In December, Super Value owner Rupert Roberts called for the termination of price controls and said there were more problems.He said Witness news Given global price increases and supply shortages, it will take too long for price changes to be approved.

He said retailers and wholesalers eventually raised the prices of unpriced commodities to make up for losses in price-controlled commodities.

https://ewnews.com/inflation-strikes-again-government-approves-price-increase-for-select-breadbasket-items?utm_source=rss&utm_medium=rss&utm_campaign=inflation-strikes-again-government-approves-price-increase-for-select-breadbasket-items Government approves price increases for some breadbaskets – Witness News

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