Government has reiterated its commitment to do whatever is necessary and within its control to protect the interests of consumers.
Minister of Energy and Business, Senator Lisa Cummins, stressed this point today as she addressed a post-Cabinet press conference, at the Ministry of Home Affairs, Webster Business Park, Wildey, St. Michael.
Senator Cummins noted that a recent meeting was held with the private sector, and thanked its members for always being willing to come to the table despite some challenges.
“They have placed on the table in that meeting, some further recommendations on how, together with the private sector, we can consider making further interventions into the market.
“I can give the commitment that under the Ministry (of Energy and Business), the Department of Commerce [and Consumer Affairs], we will be developing a paper in collaboration with the private sector and looking at how we can make any further interventions into the market, where applicable, to ensure that we do what is necessary to protect the interests of consumers,” the Minister assured.
Stressing that all the factors were not within Government’s control, she pointed out that Government’s actions had demonstrated a commitment to do what was necessary “to ensure that we protect the interests of consumers”.
Senator Cummins noted that countries across the globe had been complaining about increasing prices. “These are not factors that are impacting Barbados alone, but what we have seen is that…this administration, where possible, within our control, has not been afraid to act. We have not hesitated to intervene and even at the expense, in some instances, of government revenue, we have ensured that we have intervened in the interest of consumers,” she emphasised.
A Social Compact between the private sector and Government was implemented from July 21, 2022, to January 31, 2023, and phase two was introduced at the end of the initial compact. Forty-seven items were included in the basket of goods.
Senator Cummins said the Ministry of Commerce had been looking at specific products and had been analysing the basket of goods and tracking their prices. “What we have undertaken to do on a monthly…and on a bi-weekly basis is to look at what those trends are,” she stated.
She added that during the period the prices were reviewed, several items were below the compact prices that had been negotiated by her predecessor, Kerrie Symmonds.
“And those prices continue to trend below what the compact prices were. In every product, what we have seen is that the prices negotiated during the compact…have held,” Senator Cummins said.
She noted that Government had continued to work very closely with the Bridgetown Port to ensure a reduction in container charges and opined that these measures would dampen the impact of external factors on the prices charged to Barbadians.
