Approved: Breadbasket Price Increase

NASSAU, BAHAMAS – The wallets of consumers are about to take another hit as the approval for an increase in prices for several breadbasket items has been given.

Minister for Economic Affairs Michael Halkitis explains why the approval was granted at a time when many residents are dealing with the already high cost of living.

Jasmin Brown reports.

The cost of five items on the breadbasket list just got higher as cooking oil, corned beef, evaporated milk, flour and margarine are among the items whose prices have increased.

According to a notice placed in local dailies by the Ministry of Economic Affairs, the price hike became effective on Monday.

Minister for Economic Affairs Michael Halkitis addressing the rise in the cost of several breadbasket items in the senate calling it a vexing issue and explaining why the approval to hike the prices was granted.

Halkitis, who did not give exact figures, also insisting the government is not blind to how the price hike will impact the pockets of residents.

Reaction to news of the price hike was swift on social media.

A social media user pointed out that the price of corned beef is already high.

Others insist the average wage is simply not enough to support the rising prices at the grocery stores.

As some residents reel from the increase in prices, Halkitis says the Davis administration is working on ways to tackle rising consumer prices.

The Bahamas, like much of the world, has been struggling with rising prices since late last year.

The International Monetary Fund has projected that consumer prices in The Bahamas will increase by 7.3 percent this year.