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Caution advised though price reduction expected

January 8, 2024

Chair of the Barbados Private Sector Association (BPSA) Trisha Tannis says if all things remain the same as it relates to promised reductions in port costs, there should be a reduction in prices for consumers this year.

Her remarks come on the heels of Prime Minister Mia Amor Mottley’s announcement that container-related port charges will be reduced by a further 7.5 per cent and this comes after a 10 per cent reduction that was implemented just last year.

Prime Minister Mottley also said she is not satisfied that the reductions are being passed on to consumers.

In responding to the news, Ms. Tannis acknowledged that reductions should come if all things remain the same. She added, however, that several factors go into the final cost of products. The BPSA Chair says unless the relevant monitoring bodies have a full view of all factors influencing prices, it will be difficult to identify who has passed on or not passed on specific reductions.

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