Bahamas to introduce price controls on dozens of food staples

Oct 12 (Reuters) – The Bahamas on Wednesday presented details of temporary price controls aimed at helping families brave rising global inflation, saying they would affect 38 key staples, such as eggs, bread and sanitary napkins.

Prime Minister Philip Davis announced the controls in a nationwide address on Tuesday as part of wider measures to help the island nation, which imports many goods, tackle the effects of rising price pressures nationwide. world.

The controls, which limit price increases to 15% for wholesalers and 25% for retailers, take effect from Monday and will last for six months, after which they will be subject to review.

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“The Prime Minister remains confident that these additional measures will bring relief to families in the Bahamas,” the government said in a statement.

Davis also said on Tuesday that the government would reduce markups on price-controlled drugs.

He announced the first minimum wage hike since 2015 to $260 a week from $210 previously, starting retroactively from July for public sector employees and early next year for private sector workers.

Davis also unveiled a $6 million investment in new defense vessels to bolster border security, saying the country lacked the resources to deal with a wave of undocumented migrants.

The Bahamas has, according to its defense forces, apprehended more migrants so far this year than in the previous three calendar years combined, amid a steady increase in the number of sea-bound vessels seeking to reach United States.

Immigration authorities in the Bahamas reported the arrest of 68 migrants at sea during the month of August, mostly from Cuba.

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Reporting by Sarah Morland in Mexico City and Jasper Ward in Nassau; Editing by Ana Nicolaci da Costa

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