‘No More Knee Jerk Reaction to Cost of Living Crisis’

he consumer watchdog, Barbados Consumer Empowerment Network (BCEN) has accused the government of adopting “quick fixes” to the mounting cost of living crisis, arguing that this lacklustre approach is having no impact on rising prices.

Maureen Holder, executive director of BCEN, told Barbados TODAY that despite widespread public concern, the government has largely failed to tackle soaring prices across various sectors, including construction, healthcare, utilities, and services. Holder also called for genuine collaboration to address the economic hardships facing Barbadians.

The government’s approach has been largely ineffective in addressing the skyrocketing cost of living that’s affecting consumers, Holder stated, while acknowledging the sensitivity of the issue, particularly given Barbados’ current International Monetary Fund (IMF) programme.

Holder stressed the urgency of the situation and highlighted the far-reaching impact of price hikes.

“BCEN has observed a significant increase in the cost of essential goods and services, affecting the daily lives of Barbadians,” she noted, pointing to construction as an example of  an industry impacted by sharp price rises.  “Similarly, the cost of medicine and healthcare services continues to climb, putting a strain on those who require regular medical attention. For many, accessing necessary treatments and medications has become a financial burden, with some consumers having to make difficult choices between their health and other essential needs.”

The BCEN chief warned of broader economic consequences, including reduced consumer spending and potential increases in poverty and social inequality. She criticised the government’s “dismissive approach” towards BCEN’s advocacy efforts and its reliance on short-term fixes rather than substantial reforms.

“Instead of implementing substantial reforms to curb the high cost of living, the government has opted for short-term fixes that do little to address the root causes of the economic issues plaguing Barbados. These measures have proven insufficient in the face of relentless price increases, which continue to erode the purchasing power of ordinary Barbadians,” Holder asserted.

BCEN called for a comprehensive plan involving both the government and relevant stakeholders to tackle the economic burden facing citizens. Holder emphasised, “Meaningful progress can only be achieved through collaboration and a genuine commitment to addressing the economic realities facing Barbadians today. No more knee-jerk reactions that merely placate the masses temporarily. Barbadians deserve better.”