BVI not immune from cost of living increases

Premier Dr Natalio Wheatley has attributed the escalating cost of living in the Virgin Islands to global economic trends and the territory’s reliance on imported goods.

He emphasised that while the territory is not immune to worldwide inflation, the government is implementing measures to mitigate its impact on residents. “We must recognise that most of what we consume here in the Virgin Islands is imported,” Premier Wheatley stated during a press conference yesterday. “Therefore, the prices that our vendors and stores have to pay [are influenced by increases] in the United States of America and all of the source markets where we get our food.”

Alternative energy to cut prices

He said the government has been focusing on several key areas to address these challenges, including energy and alternative sources. “One thing that we can do to help ourselves in lowering prices is by using alternative energy,” Premier Wheatley noted. He highlighted the Solar Technology Energy Programme (STEP), led by the Ministry of Communications and Works and the BVI Electricity Corporation, as a pivotal initiative in this effort. Reducing dependence on imported food is another strategy the territory’s leader proposed. He coupled this with the indication that the government would review tax and duty structures to ease financial pressures further.