Prime Minister Philip 'Brave' Davis speaking yesterday during a tour of schools under renovation. Photo: Austin Fernander
By LEANDRA ROLLE
Tribune Staff Reporter
lrolle@tribunemedia.net
PRIME Minister Phillip “Brave” Davis is urging Bahamians to be frugal with their spending habits due to rising inflation, saying it appears that the country is “in for a rough ride for another few months” based on the predictions of finance experts.
Mr Davis was asked whether Bahamians could expect further economic hardship given the expected rise in inflation.
Earlier this month, John Rolle, the Central Bank’s governor, warned locals to brace for higher inflation rates, saying the cost of living crisis facing many Bahamian families has yet “to peak”.
Yesterday, Mr Davis said: “Well, there was a meeting from the central bank governors of the world just very recently and they are predicting that it’s going to get a bit worse before it gets better even though there are signs that are so inherently contradictory when you look at all what I call the economic indices that speaks to whether inflation is going to be stabilised and/or it’s going to be a runaway horse as it has been and from their prognosis, it seems that we are in for yet a rough ride for another few months.
“Hence, they’re talking about lowering the interest rate again or increasing the interest rates and so those are some of the things so we just have to continue to watch and try to do the things that we could do. A lot of it is beyond our control and all we can do is just work with what we can control and that’s some of the things that we’ve been doing.”
When asked if Bahamians are advised to brace for another few rough months, Mr Davis only said he recommended that people be more conversative with their money.
“I’ll advise that they be vigilant and be frugal and let us work together to combat the challenges that we have for inflation,” he added.
Surging gas prices and high food costs – largely a direct result of inflation and the ongoing Russian-Ukrainian war - have been among the list of grievances expressed by Bahamians in recent months.
And Bahamians could expect to see the situation worsen in the days ahead as Super Value owner Rupert Roberts recently predicted a rise in prices of items such as rice, cooking oils, tomato products and evaporated milk.
Elevated costs are expected up until next March, he added.
In his budget communication in May, Prime Minister Davis announced a series of relief measures aimed to assist Bahamians struggling with the inflationary high cost of living.
The proposed measures include increased social assistance, targeted minimum wage increases for workers in the public sector, duty reductions on certain food items among other things.
He later revealed that the government was considering reducing fuel taxes for gas retailers with a view to bringing relief to both retailers and consumers.
When questioned on the matter earlier this month, he told reporters that a decision on the issue will be made soon, adding “we’re working on it now”.
Comments
birdiestrachan 1 year, 8 months ago
This is a world wide situation all will have to do their best to overcome this goes for me also eat a little less drive less harden up become tough we will come out better and stronger at the end of it all
Sickened 1 year, 8 months ago
Absolutely. We will all feel the struggle of this global economic change. There's very little a single PM or even country can do.
tribanon 1 year, 8 months ago
You two belong together. LOL
realfreethinker 1 year, 8 months ago
Yes they do. Two peas in a pod
CoolCatBD 1 year, 8 months ago
Yes people, please save has much money, has you can, you need it to pay the new taxes and higher government fees!
KapunkleUp 1 year, 8 months ago
This might be the first fully honest thing he said since being elected.
joeblow 1 year, 8 months ago
... but despite that, he will probably be on a plane next week with an entourage going to another unnecessary meeting on the taxpayer dime!
tribanon 1 year, 8 months ago
Bingo!
ohdrap4 1 year, 8 months ago
He is trying to fix clint watson throwing the merchants under the bus.
But he is also saying, don't come to me to reduce customs duty.
Now that salmon and asparagus is duty free, have at it.
Flyingfish 1 year, 8 months ago
I mean its simple unless this country becomes energy secure via hybrid means (renewables+Gas) and food secure(as much as possible) we will continue to rack up the bill.
Or we could implement a corporate tax(for the richest companies), an environmental tax(for the cruise ships mainly and anyone destroying our country) and use this money do actually build good public services.
KapunkleUp 1 year, 8 months ago
According to www.bahamasbudget.gov.bs the government collected around $1.8 billion for 2020/21. VAT being around 40% of that number. With an estimated population of around 410,000 that comes to around $4,400 for every single person in taxes every year. With these numbers I think that both PLP & FNM are just incompetent and also thieving too much.
tribanon 1 year, 8 months ago
And that's just VAT. Think of all the other taxes and fees they collect from us, and, of course, squander on themselves, their family members and cronies, as the corrupt and elitist political ruling class, whether they be PLP or FNM.
sheeprunner12 1 year, 8 months ago
Common folk have been in a rough ride for years.
The politicians won't understand
The_Oracle 1 year, 8 months ago
Clint is un-elected but speaks for the Elected, he needs to realize he nor they have all the answers. In fact they have very few. Misleading the public is a disservice to the public.
tribanon 1 year, 8 months ago
Most of them are so grossly incompetent it would make any sensible person's head spin in horror.
themessenger 1 year, 8 months ago
Mr Davis only said he recommended that people be more conversative with their money.
Mr. Davis, can we the people recommend that you and our government be more conservative with OUR MONEY??
DDK 1 year, 8 months ago
Glad the PM has finally realized that the cost of living is through the roof. Someone must have just told him🤣🤣🤣
tribanon 1 year, 8 months ago
He and his type have been laughing at all of us for decades......and they still are because they know it's you and others like you who will suffer the most, not them.
TalRussell 1 year, 8 months ago
Why shouldn't the Guardian's Revolution with Comrade Host Mr. Carmichael, ... Not act like tall man's he confesses be, willin' expect be in for a rough smoke check as long as show's listeners' ... Share the ever changin' ways he demonstrates such entitled for makin'up facts within the energy and pay scale and accordin' day's show's topics reality happens to be time slotted ― Yes?
tribanon 1 year, 8 months ago
Davis and his type have been laughing at all of us for decades now......and they still are because they know it's you and me and others like us who will suffer the most, not them.
It's the civil unrest and violence to come that our corrupt and elitist political ruling class fear the most. And the U.S. is sticking around to make sure the right Papa Doc gets anointed dictator to protect their interests and rule over us given our very close geographic proximity to Florida.
The U.S. now sees The Bahamas as a bankrupt satellite state of Haiti whose people must be controlled by being kept impoverished and subdued to protect U.S. national security interests. Much like Cuba. This is why the U.S. government is building a huge fortified U.S. embassy on New Providence and intends to beef up the patrolling of our seas by not only the U.S. Coast Guard, but also the U.S. Navy.
Yes fellow Bahamians, we can thank cruel Davis and his corrupt, incompetent and most greedy kind for the terribly bleak future that lies ahead for the vast majority of us Bahamians who are unable to flee what was once our paradise of a country.
DDK 1 year, 7 months ago
"It's the civil unrest and violence to come that our corrupt and elitist political ruling class fear the most." Assuming they are actually that astute!
ted4bz 1 year, 8 months ago
Only a year ago this was being howled as a conspiracy theory. No one wanted to touch it now everyone is experts. It is too damn bad that people wait for the government to tell them things others tried to warn them on way before it is too late. It is too late. The PM is saying this will last for a few months, he is not telling the full truth. This will last for a decade or even more because the deep state clans are making this happen, deliberately. I guess this will be howled and dismissed as a conspiracy theory also. This is a no brainer; most people know nothing so everything they hear is conspiracy theory, only until the government later says the same thing.
LastManStanding 1 year, 8 months ago
What we are witnessing is the slow burn collapse of Western civilization. Things will only get worse.
bahamianson 1 year, 7 months ago
Davis and his financial advisors do not know what they are talking about. Ok, say we stop going to the expensive restaurants and even the expensive poor man's ,Bamboo shack, stop going to kelly's , stop buying all those unnecessary clothes, and stop buying unnecessary jewelry, weave, nails ,purses and make up, the economy would crash. People would be layed off. We need people whom know what they are talking about.
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