The Tribune

NEWLY-appointed Chairman of the Price Control Commission E J Bowe and other representatives recently inspected prices of breadbasket items at various grocery stores in New Providence.

The inspections came after numerous complaints about the increase in the cost of eggs and other breadbasket items.

“The eggs have been shipped from the United States of America (USA) and based on the prices they paid, and the markup which is in regulation, they are not over charging. The problem we have is that the local producers are not meeting the demand and therefore we have to give permission to import eggs.

“At this time the price of eggs is sky high in the USA as well, and as a result it is sky high here. We’re still monitoring the stores and we don’t want them to go a cent over the maximum value set by the Commission,” Mr Bowe said.

“Breadbasket items are price-controlled items and we’re checking to see that stores are not overpricing. We’ve received complaints about all of the breadbasket items. We don’t know if they are accurate so we have to check.”

Mr Bowe emphasised that a team from his department will be closely monitoring prices of items after the implementation of value added tax (VAT), which came into effect yesterday.

“The law states that VAT is 7.5 per cent – once that 7.5 per cent is added we are saying to merchants do not go up one penny. Things are already tough and we don’t want them to exploit the consumers,” he added.

He said the public should expect the Consumer Protection Division to conduct more inspections of prices of goods.

“We will be out in full force. Our job is simple and that is to protect consumers.”

Mr Bowe noted that with the introduction of VAT, the regulation allows businesses to temporarily have two prices on the items – the price of the good plus VAT.

“The businesses need some time to have all the items priced with one price. We don’t want consumers to say they are paying the lowest price. The proposed regulation says businesses have a grace period of three months to have two prices on the goods.”