Deputy PM Calls for Stronger Action Against Price Gouging by Retailers

Deputy Prime Minister Cordel Hyde has conceded that the government needs to do more to crack down on business owners unjustly inflating the price of goods. DPM Hyde spoke on the blatant price gouging that has been taking place by retailers across the country disguised under the global inflation narrative.  Last year, government implemented several price control measures, including a ticketing system to penalize store owners who are found committing price gouging. While several shop owners have been fined, Hyde says the government needs to begin going after more unscrupulous merchandisers who are using various strategies to hike prices. 

Cordel Hyde, Deputy Prime Minister: “Oftentimes we invest money, we go to the grocery stores, and these grocery store owners they rip off our people a lot of time. They overcharge our people a lot of time. Because the high cost of living has nothing to do with the increase of taxes in this country because we’ve not increased taxes. And the price of goods are falling all over the world, but the price of goods don’t fall here. So these grocery owners and these operators are doing us a grave injustice. And so ordinary people have to begin to understand that you have to spend your money with the people who are spending on you. Lots of these grocery owners don’t spend a dollar, don’t buy an exercise book, don’t buy a pencil for a single child in these communities that they get rich off. And so we have to begin to understand that and begin to understand the value of our money and spend our money where our money will most benefit our people. Yeah, the government, with the help of the public officers, have been policing, have been trying to police these grocery stores and trying to crack down on these renegade operators but we have to do more of that. And we have to make an example of people so that people can understand that you are not supposed to be doing this and people can understand that the government is fighting this because we have not raised taxes. In fact, we’ve tried to put money in the hands of the Belizeans. We’ve raised the minimum wage from $3.30 to $5.00 and that increase got eaten up by the high cost of goods. Now we can understand a few years ago all of the global prices were affected by COVID and all the disruption in shipping industry that was caused by that. But that has passed, right? And inflation is dropping across the world. And as they say, it’s dropping here too. But we still are grappling with the high cost of goods. And so these store owners have to get the sense. And government has to do more. But our people have to be vigilant too and support the people who are giving you a fair shot and don’t support the people who are ripping you off.”

Deputy Prime Minister Hyde also noted that while last year’s amendments to the Supplies Control Bill sought to discourage business owners from price gouging, there is more to be done on the legislative front to tackle the issue. 

Cordel Hyde, Deputy Prime Minister: “Government is going to have to do more. Government is going to have to really get serious with these store owners. We have in some instances but we need to do it more often and we need to do it across the board and we need to be draconian if we need to be. But these folks have to get the sense because in some ways the cost of goods is the difference between your kid getting something to eat at night that’s healthy and your kid going to bed hungry, your kid going to school without something to eat and your kid going to school with something to eat. That’s as real as it gets. That’s the job of the government to ensure that ultimately people have a better standard of living. Ultimately people are living better. Ultimately our kids are going to school well-fed and able to learn. Because you can’t learn if you’re hungry. So it’s as real as that, right? But government has to continue to grapple with it and try to find a solution to deal with it. Do you see these store owners taking any less holidays? Do you see them driving in less fancy vehicles? Do you see them living in any less of a big house? No, they’re not. They’re not. They don’t want to share with their workers. They don’t want to share with the people. The people who complain, not all, but the people who complain don’t want to share with the people who make them their wealth because these business owners they don’t do the heavy lifting. Oftentimes, they might do the investment. They might have the ideas. They might be managing the thing, but lots of ordinary people lift a lot of heavy weight to make people make money in this country. And so we have to look out for those persons.”

Any store owner found guilty of price gouging will be ticketed with repeated offences possibly leading to a shutdown.