The Bahamas, Nassau — President of Super Value yesterday described the recent increase in some price-controlled breadbasket items as a “necessary evil”, with those increases ranging from 5 to 7 percent depending on the product. Suggested that there may be.
Debrush Monette, pResident and Chief Financial Officer, Witness news Given the challenges of global supply chains and rising costs of global commodities, local retailers face significant challenges of procuring commodities, maintaining affordable prices for local consumers, and maintaining profits. I am.
“War and supply chain issues faced tremendous challenges,” said Simonette.
“If the cost goes up naturally, if you want to continue your business, you need to raise the cost of the product. If the product is priced at $ 7 and you can only sell for $ 5, offer that product. Will not be possible. “
On Tuesday, the Ministry of Economy announced an approved price increase notice for cooking oil, corned beef, evaporated milk, flour and margarine.
“It’s a necessary evil,” said Symonette.
“Depending on the product, it can be in the range of 5% to 7% or more. We are doing our best to keep prices to a minimum. The minimum is now a bit higher. We We’re doing our best to get the products at the best possible prices and return those savings to consumers. Hopefully this will all be done soon, but it’s a tough situation right now. “
While talking about this issue in the Senate yesterday, Minister of Economic Affairs Michael Harkitis admitted that the issue of inflation, especially the issue of food, is a “wicked” problem. He said the government is sympathetic to the plight of consumers, but is limited in how it can be supported.
“Food inflation is a problem that has plagued and affected us and other countries in the region. It’s what we’re looking for ways to study and support. Breadbasket items. There is no general permit in the notice. There are items in the price controlled breadbasket items. If you have different brands and the price goes up when the importer imports the goods Apply to the Price Commission, “said Halkitis.
He further said the government could deny the increase and find ways to appease retailers to absorb costs or face the possibility of stopping imports of certain brands altogether.
“It’s a tricky problem. Nobody wants to see the cost go up. The problem is import inflation. We import a lot and experience inflation. The public has the impression that the government is not sympathetic. I don’t want you to leave it in. Toolboxes are limited. We need to highly evaluate our actions. “
https://ewnews.com/necessary-evil-super-value-president-says-increase-on-select-breadbasket-items-necessary-or-products-wont-be-available?utm_source=rss&utm_medium=rss&utm_campaign=necessary-evil-super-value-president-says-increase-on-select-breadbasket-items-necessary-or-products-wont-be-available Super Value President says more items in the breadbasket needed or products are unavailable – Eye Witness News