The Barbados Chamber of Commerce and Industry (BCCI) has rejected the notion of price-gouging in the current COVID-19 environment and intends to enlighten the public on the business factors that influence price increases.
New BCCI president Anthony Branker told members that coming out of the worldwide challenges posed by the COVID-19 pandemic over the past year, there was “a creeping mistrust of the business environment, with a concommittant mistrust of retailers by customers; allegations of price-gouging and a lack of social responsibility.”
He observed this had “fuelled a barrage of unsubstantiated comments at various levels.”
In his inaugural address following his election to the presidency at the virtual annual general meeting earlier this week, Branker asserted that much of the misconception was based on a failure to understand the cost of doing business and the variables that influence the cost of goods.
It was also an indication, he pointed out, that the BCCI vitally needed to do some ground work to help the public understand how the wheels of commerce turn.(GC)