PM: Prices Compact effective

Although the recent Barbados Statistical Service’s (BSS) Retail Price Index shows people are paying more for food since August, Prime Minister Mia Amor Mottley believes the Social Partners Food Prices Compact has helped shield the most vulnerable.

The last compact expired on January 31, but a revised one was announced last week by Minister of Foreign Affairs Kerrie Symmonds.

The six-month agreement was signed on Monday at Ilaro Court by Government, the private sector and labour unions.

Distributors, retailers and manufacturers have agreed on 15 to 18 per cent mark-up on dry goods, and up to 20 per cent on cold storage products as listed in the basket of goods, instead of the maximum 12 to 15 per cent across the board under the first compact.

Mottley said the price index could not fully measure the effectiveness of the compact. (Nation News)

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