BARBADIANS CAN BRACE themselves to dig deeper into their pockets with the introduction of the new two per cent National Social Responsibility Levy.
Major stakeholders in the business community told the WEEKEND NATION the increase in prices was unavoidable. In fact, Barbados Chamber of Commerce & Industry president Eddy Abed said Barbadians should expect a greater rise in retail costs than two per cent, adding the initial price rise would probably be felt in supermarkets first.
“By the time the levy hits, the market will compound it to probably four to five per cent. I’ve heard members of the chamber say they cannot cut expenses, such as supermarkets, so they will have to pass it on to consumers so I expect an increase in retail prices as little as two weeks after September 1,” he said.
Please read the full story in today’s Weekend Nation, or in the eNATION edition.