Gov’t increases minimum wage amid price controls

(AP):

The prime minister of The Bahamas has announced an increase in the islands’ minimum wage and temporary price controls on certain goods, including eggs, bread and diapers, amid a spike in inflation.

The minimum wage will increase from US$210 to US$260 a week. It will be retroactive from July for public employees and will go into effect January 2023 for the private sector, Prime Minister Philip Davis announced on Tuesday night.

It’s only the second time in two decades that the Bahamian government has raised the minimum wage. The last occurred in 2015, with weekly wages rising from US$150 to US$210, according to the Bahamas Chamber of Commerce.

The price controls will remain in effect for six months and then be subject to review. The cost of living has long been high in The Bahamas, which imports many of its goods.