National

Taxpayers Plagued by Inflation Woes

NASSAU, BAHAMAS – Residents were hit hard in the pockets as the cost of items skyrocketed… The culprit? Global inflation.

Published

2 years ago

December 31, 2022

Jameelha Missick

NASSAU, BAHAMAS – Residents were hit hard in the pockets as the cost of items skyrocketed… The culprit? Global inflation.

A war between Russia and Ukraine earlier this year brought on higher gas prices for consumers. In a matter of weeks, The Bahamas felt the pinch at the pumps.

Back in June, gas prices were as high as $7.39.

Vasco Bastian, vice president of the Bahamas Petroleum Retailers Association, was in the hot seat for much of the year.

This year, Prime Minister Philip Davis also announced that in November consumers would see an increase in their Bahamas Power and Light bill.

But the increase in prices at the pumps and on electricity bills was not all the year would bring.

The trickle-down effect of global inflation also saw increases in the cost of living, and residents were not happy about it.

In October, 38 categories of items would be added to a price control list.

But that did not go without much pushback from the Retail Grocers Association, and the Bahamas Pharmaceutical Association which closed doors at pharmacies across the country for a day as talks broke down.

Eventually it would all be ironed out and neighborhood pharmacies were once again welcoming customers.

What did go over smoothly, was a $50 increase in minimum wage pushing the weekly payout from $210 to $260 in both the public and private sectors.

The last time minimum wage was raised in the country was back in 2015.