Home » Posts » No to price gouging but passing on rising costs still likely – BCCI

No to price gouging but passing on rising costs still likely – BCCI

by Marlon Madden
2 min read
A+A-
Reset

The Chamber of Commerce on Friday sought to assure consumers that retailers and distributors won’t raise prices during the national lockdown.

“Local retailers and distributors within the Barbados Chamber of Commerce and Industry (BCCI) membership have pledged to maintain price margins for personal protective equipment (PPE) and a basket of basic food items during the period of the “national pause” as COVID-19 continues to impact consumers and the local economy,” the BCCI said in a statement late Friday evening.

The BCCI said there was unanimous support by its member firms to stand again price gouging, that is, declaring that this will neither be practised nor tolerated.

At least eight of its retail and distribution sector members signed a commitment to freeze margins and to take a stand against price gouging during the period of the national shutdown.

Although the Chamber of Commerce’s membership covers the nation’s largest wholesale importers and retailers, the identity of the eight firms was not immediately available.   

But the chamber left the door open to passing on any price increases to consumers.

It said: “We, however, wish to highlight that the ability to maintain a pricing regime for consumers during this current period will be impacted by both local and international supplier price increases.”

The BCCI further explained: “We, particularly, highlight the significant impact of these external challenges on the increased price of canned fish as this product falls within the essential basket of goods. In the interest of public transparency and awareness, we take this opportunity to inform the public that certain international logistical impacts will negatively impact on the cost of imports arriving in Barbados and the region in the upcoming months after the lockdown, notably the impending doubling of freight costs from the Far East.

“We also express concern regarding the potential price impact of the non-clearance of non-essential goods from the Bridgetown Port and the impact on landed costs during the period of the national pause. We, however, recognize that the Barbados Port Inc. has signalled its intention to waive port storage charges during the period of the ‘national pause’ and this will assist in partially offsetting the impact of significant demurrage on items classified as non-essential during the lockdown.” (MM/PR)

You may also like

About Us

Barbados Today logos white-14

The (Barbados) Today Inc. is a privately owned, dynamic and innovative Media Production Company.

Useful Links

Get Our News

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Barbados Today logos white-14

The (Barbados) Today Inc. is a privately owned, dynamic and innovative Media Production Company.

BT Lifestyle

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. Accept Privacy Policy

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00