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Wilson has faith that measures in place will relieve inflation burden

FINANCIAL Secretary Simon Wilson.

FINANCIAL Secretary Simon Wilson.

By EARYEL BOWLEG

Tribune Staff Reporter

ebowleg@tribunemedia.net

AFTER a report showing an increase in local inflation, Financial Secretary Simon Wilson said he has faith that the current measures in place will relieve the burden.

Mr Wilson said officials do not see inflation rising above five percent on an annual basis. He spoke to reporters at the sidelines of the launch of the GoBoneFire eProcurement platform yesterday.

“I think the first thing is I have faith that the measures in place will relieve (the) burden. So inflation, we see inflation being elevated. And in comparison to the last 10 years, because of global factors, but we don’t see it at a high level. So we don’t see inflation rising above five percent on an annual basis,” he said.

Asked what he would say to consumers, he noted: “I think overall price level, we expect it to rise, because we import inflation. So we expect it to rise, but we don’t expect it to be a dramatic rise because we have a very good fiscal policy. So we don’t generate a lot of the government deficits going down. So we know the money supply is not expanding rapidly.”

Mr Wilson said despite concerns from some, officials do not expect huge inflation in construction materials.

“I don’t think the numbers demonstrate that is true.

“What we see inflation in terms of in the price level, obviously, on fuel costs, which will translate into energy costs.

“We see inflation in food costs, but we have not seen a dramatic increase in inflation in construction materials - plus, if you remember, during the budget, we reduced a whole range of building materials that are duty free.

“So immediately, there was a decrease in the price level.”

This comes after Bahamian contractors warned it is “inevitable” that Florida’s post-Hurricane Ian reconstruction will hit building material prices and availability here as local inflation was revealed to have hit seven percent.

Leonard Sands, the Bahamian Contractors Association (BCA) president, told Tribune Business that much will depend on the extent of the Category Four storm’s devastating impact plus the nature and scale of rebuilding in the so-called “Sunshine State”.

While it was currently impossible to forecast the precise impact for Bahamian construction costs, he acknowledged that Ian’s fall-out could fuel further increases in building material prices that have otherwise “plateaued” and been relatively stable since mid- March following hikes induced by post-COVID supply chain shocks and US housing demand.

The threat of renewed building material supplies price increases, sparked by Florida’s reconstruction demands and associated product shortages as the state sucks up a large portion of available supplies, emerged just as the Bahamas National Statistical Institute revealed this nation’s inflation rate hit seven percent for the 12 months to end-July 2022.

Comments

tribanon 2 months ago

Mr Wilson said officials do not see inflation rising above five percent on an annual basis.

Even the most D - educated among us know that inflation has been running at way more than 5% per annum for years now. And this bald-faced lying twit, Simon Wilson, knows full well that inflation in our country has been out-of-control for many years thanks in great part to successive corrupt governments printing Bahamian dollars like there is no tomorrow and borrowing willy-nilly from foreign lenders.

For years the purchasing power of the Bahamian dollar has been declining, representing a de facto revaluation of our Bahamian currency which only serves to exacerbate the high inflation our country is now importing from other nations. Our decades of corrupt governments have left us with our pants down (or skirts high) to take a royal .......... like no other!

Lying Wilson is singing whatever hogwash cruel Davis and Halkitis tell him he must sing to get his supper. If his paymaster tells him to do so, lying Wilson would even tell us unemployment in our country has never exceeded 5% and that we can trust the meaningless statistics our government puts out for consumption by the most ignorant among us.

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moncurcool 2 months ago

I do not waste my time anymore reading anything attributed to Wilson as he has clearly lost all credibility.

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DWW 2 months ago

what dimension he in? building mateiral didnt rise? 5/8 roofing ply was $38 in 2019. now it averages over $50. basic mathematics would suggest an inflation of building materials around 31%. dummas ivory towers all day long. instead of changing the dirty daiper politicians we need to replace every single permanent secretary and assistant permanent secretary. AND I DONT MEAN JUST SHUFFLE TO ANOTHER MINISTRY.

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