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The Barbados Chamber of Commerce and Industry, is optimistic a further reduction in the cost of living in Barbados can be achieved with the participation of other members of the private sector in a possible third social compact.
President, Anthony Branker is against the notion that phase one of the compact has failed, noting the private sector’s participation is as a result of their desire to be socially responsible.
He says the participants in the social compact were heavily burdened due to a limit on the markups applied, even as international prices continued to rise.
Mr. Branker says despite these challenges faced by the private sector, participants negotiated an agreement which balances their needs and those of the Barbadian consumer.
The first compact was implemented from July 21, 2022 to January 31, 2023, to ease the burden on consumers because of surging prices as a result of inflationary trends taking place internationally.
