The Government today announced an agreement with the island’s major wholesalers and retailers that is expected to guarantee consumers savings on everyday items to address the cost of living.

The measures fall under its Affordable Bermuda Agenda which Alexa Lightbourne, the Minister of Home Affairs, said is a “concrete step towards cost-of-living relief”.

She said: “We listened and now we have shown the actions taken because of the moral urgency of the lived realities of our community.”

Ms Lightbourne added that the products listed for reduction include “the everyday items that families rely on” and such as baby formula, rice, toiletries, dairy products and cleaning supplies.

The price reduction falls under the Essential Goods Relief Initiative, which will be launched on November 1.

Under the partnership, wholesalers have committed to apply a 10 per cent reduction in the cost of designated brand products supplied to retailers.

The agenda said: “Additionally, retailers agreed to apply a further 10 per cent reduction at the shelf, guaranteeing consumers 20 per cent savings on participating brands for a nine-month period.

“To operationalise this commitment, retailers compiled a list of product categories most meaningful to households, and wholesalers are now providing the brand names under each category that they supply.

“This consolidated list, managed by the ministry, will serve as the official record of brands included in the programme and will be made available to the public to ensure transparency and accountability.”

The essential goods scheme came after a meeting in August, which was convened with retailers and wholesalers to develop and advance practical solutions to mitigate the cost of living.

The meeting followed research and analysis conducted by the ministry on possible recommendations shared at the Cost of Living Summit held in June.

Ms Lightbourne said: “We recognise that Bermuda does not exist in isolation.

“Our prices are touched by global supply chains, oil markets, shipping routes and distant economies. But that will not be our excuse for local inaction.

“We have demonstrated our commitment to respond to our reality and deliver reimagined possibilities.”

Michelle Jackson, the Cost of Living Commission chairwoman, thanked more than 2,200 residents and 270 business who shared their experiences in a cost-of-living survey to shape the agenda.

In addition, she thanked the island’s wholesalers and retailers for stepping forward to ensure price reductions on essential items.

“That 20 per cent reduction on essential items demonstrates what is possible when we work together,” she said.

• To see the agenda in full, see Related Media

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Affordable Bermuda Agenda