B.C.C.I. Proposes Alternate Solution to Price Gouging and Inflation

Joshua Pott

The last time reporters asked the Prime Minister John about the letter that B.C.C.I. wrote to him, PM Briceño stated that his government has met with numerous large-scale retailers to inform them of the move. Prime Minister Briceño also said that B.C.C.I. should have been more proactive in informing its members that the Government of Belize would take action if the issue of price gouging persisted. The Chief Policy Analyst at B.C.C.I., Joshua Pott, says B.C.C.I. agrees that price gouging and inflation are prevailing issues. However, according to Pott, B.C.C.I. does not support the tool that Prime Minister Briceño and his Cabinet are proposing to arrive at a solution.

Joshua Pott, Chief Policy Analyst, B.C.C.I.

“We propose in the letter and in every other media engagement we have that we want to be included in the table. We think we can make positive contributions to the conversation. We also want to see how the Government of Belize and the Belize Chamber of Commerce and Industry can collaborate more in developing schemes for targeted assistance. It is not something new to the government either; they did well when they use to do it with the grocery bag initiative. That is where you identify people that need a certain goods and you give the relief to them, that way you give direct assistance to the beneficiary.”

Paul Lopez

“While on one end we are speaking on low income earners, I think everybody is feeling the pinch.”

Joshua Pott

“It might spread it across the board a bit, where mid income, higher income might be able to benefit from something like price control but you are disproportionately impacting the lower income earners as well, because one of the undesired effects that  come out of price control is that you sometimes end up in shortage of goods, whereas if there is a price control on a particular good, people who can afford it will realize and will start to consume a bit differently, instead of picking up one of a particular good they buy two now, whereas the lower income household who is already struggling to buy one of that item is finding that the good isn’t on the shelf as much anymore.”