Get Ready to Spend this Christmas Season as Prices Increase
The public can expect the price of goods and services to see an uptick this Christmas season. According to the Belize Chamber of Commerce and Industry (BCCI), this can be attributed to the high shipping costs that businesses are facing at the ports. The Vice President of Services at the BCCI, Katherine Meighan, explains that businesses are trying to find a balance to ensure that purchasing power does not begin to decline as this would negatively affect their revenue.
Katherine Meighan, Services Vice President, BCCI: “We anticipate that yes there will be some increase in prices because shipping costs is still pretty high and you know there are the demand and supply components for shipping that are playing a role at present as well but I think it’s important to remember that businesses do understand that an increase in price or as you describe price gouging is not ultimately going to benefit them into the longer term because it affects the ability for those individuals to purchase anything and many things so to say. So our prediction is that yes there will be or more than likely there will be some increases due to what is these inflationary increases globally but one of the conversations we continue to have with our members and with the business community members that we speak to across the board is that balance between where do we manage our businesses so they survive this challenge and where do we ensure that the purchasing power decline doesn’t go too far where it affects all of us.”