Residents And Businesses Ready For 7.3 % Rise

NASSAU, BAHAMAS – All signs point towards an electricity hike. This as the International Monetary Fund predicts prices will go up but as much as 7.3 percent.

Berthony McDermott has more.

As Bahamians face rising prices, this resident says cutting back is the only way to combat this issue.

His comments come as the IMF is predicting the highest price hike in decades of 7.3 percent this year.

But this resident says with limited resources, budgeting differently may not help as much.

But what about local businesses? Café Johnny Canoe manager Theo Pikramenos says they’ve seen items like eggs jump from $80 to $150 a case, which he says is hurting the company’s bottom line.

However, he along with Pastry Haven’s own Naason Sands says at this point, the plan is to absorb the increased expenses.

On Wednesday, Works and Utilities Minister Alfred sears say there is a possibility power bills could also be on the rise.

And according to these businesses that too will have serious repercussions.

However, Sands says he’s not worrying.