The Tribune

By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Retail Grocers Association’s president yesterday put the Family Islands, in particular, on alert for higher food prices due to the recent increase in fuel and associated shipping costs as a result of higher global oil prices.

Philip Beneby told Tribune Business that while there has not been a significant increase in food prices during recent months, with costs seeming to stabilise, Family Island residents should brace for further hikes soon as they suffer from higher logistics and transportation costs compared to their New Providence counterparts.

“When you look across The Bahamas and the Family Islands, for the most part that’s where you may see more increases because of the rise in fuel costs and the rise in shipping costs in terms of the mailboats concerned with taking freight to the Family Islands. They’ll be impacted the most,” he added, acknowledging that New Providence consumers may also experience more modest increases.

Mr Beneby conceded that the food price outlook for the next three months is not too clear, but said: “We can expect that there would be increases because of all of the factors involved - from fuel prices to the rising costs of freight charges, the rising cost of electricity and the rest of it. We have no choice. Hurricane Idalia may have some impact as well, because sometimes you don’t see it right away, but then the increases begin to pile up on you over a period of time.”