VI facing cost-of-living crisis over inflation- Shaina M. Smith-Archer - BVICCHA Chairman said global inflation trickling into VI

ROAD TOWN, Tortola, VI– BVI Chamber of Commerce and Hotel Association (BVIVVHA) Chairperson, Ms Shaina M. Smith-Archer has raised as troubling "a cost-of-living crisis" in the Virgin Islands as a result of "imported inflation" that has trickled its way into commodity prices.

Mrs Smith-Archer was speaking on JTV’s the Big Story with host Cathy O. Richards on August 16, 2022.

Cost of Living Crisis

“The biggest thing right now, whether we want to call it this or not, we have a cost-of-living crisis, and the cost of doing business is linked to the cost of living so one of the biggest struggles again is for business to try to maintain normal prices."

Mrs Smith-Arched added; however, that as a result of global increases in prices and inflation rates as much as 12% outside of the VI, those prices have started to trickle into the VI economy.

“When we go to the grocery store, we have to close our eyes at check out because of the sticker shock, so it isn’t something where persons are just trying to profit,” she added.

The BVICCHA Chairman noted, “A lot of it is in reaction to what is happening in the global market that is going to translate back to here,” she said while adding that local businesses are looking for alternate suppliers to get the best prices for local consumers.