When will local businesses reduce prices of imported goods to pre-pandemic rates?

EDITOR: Approximately three years ago import businesses across St Vincent and the Grenadines were loudly crying out about the costs of sea freight. They told us that the shipping rates of the 20 and 40 foot containers from any part of the world to SVG had quadrupled in price. By extension, they used this reason to markedly increase their wholesale and retail prices of goods that were imported into SVG.

Over the last 14 months the sea freight costs for containers have been falling precipitously, and in the last few months they have returned to pre-pandemic levels.

We the hapless consumers need to know when local businesses are going to significantly reduce the prices of their imported goods to pre-pandemic rates? If not, why not?

Has our government pressured businesses to do the right thing? Or, is the government deafeningly silent because they benefit from these onerous prices, for when businesses price gouge it allows government to collect more VAT at the point of sale?

A timely reminder, all local businesses have a corporate social responsibility to those living in their target market, while government is responsible for representing the best interest of all Vincentians. When you have businesses and government working in tandem to extract more money from the mostly empty pockets of Vincies, this will ultimately increase the large and existing gap between the haves and the have nots.

Coraline Frank