The Effects of Inflation on Businesses, Consumers

NASSAU, BAHAMAS – Higher prices are hitting home for just about everyone from businesses to consumers. Also feeling the pinch is a local feeding program that is finding it difficult to keep food on the shelves.

Jasmin Brown reports.

Seventy-nine-year-old Philmore Hall is a retiree living off a small pension in a government complex for senior citizens and with prices rising he’s trying to make what he has stretch. Something he says is nothing short of a miracle.

Consumers around the world are seeing higher prices for goods and services, and though some reasons for this vary by country, inflation is turning into something of a worldwide phenomenon.

The Bahamas is not immune, those who make less are feeling it more as experts say inflation hurts those with the least, the most.

While Hands for Hunger has made it its mission to help those in need, keeping the shelves at its Carmichael road pantry full of food items is becoming a challenge.

And then there is the impact on small businesses.

Lioness Sushi on Arawak Cay, announced prices would increase on an Instagram post this week as the cost of ingredients has spiked.

Owner Chef Evita Carey says it was either increase or go in the red.

COVID-19 has wreaked havoc on global supply chains.

A recent study by the United Nations Food and Agriculture Organization showed that food prices last month for sugar, meat, dairy, vegetable oil, and cereal were all up compared to December 2021.