From: Bahamas Information Services
We are looking at staggering price increases due to US inflation. The Consumer Protection Commission has taken note of the rise in inflation in the United States – The Bahamas’ largest trading partner – and the warnings from local merchants that the price of everyday goods are 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. 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.
“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,” Consumer Protection Commissioner Walter Ferguson said.
“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.”
The Consumer Protection Commission reminds Bahamians of their rights to receive expected value for services and purchases rendered, which are safeguarded by legislation.
Consumers are advised that they can launch a formal complaint to the Commission at http://www.cpcbahamas.org , ensuring that they include copies of relevant documents including receipts, warranties, contracts, email correspondences and a concise explanation of the grievance.