The Government has 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, called 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 included “the everyday items that families rely on”, 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 that retailers had agreed to apply a further 10 per cent reduction at the shelf.

It said consumers would be guaranteed savings on participating brands for a nine-month period.

Retailers have compiled a list of product categories “most meaningful to households, and wholesalers are now providing the brand names under each category that they supply”.

The agenda added: “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 with retailers and wholesalers to develop and advance practical solutions to mitigate the cost of living.

It 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.

She said reduction on essential items “demonstrates what is possible when we work together”.

Ms Jackson added: “The Affordable Bermuda Agenda and the work of the commission are not a magic wand.

“They are not a silver bullet that will make our cost of living challenges disappear overnight.

“The reality is that the high cost of living in Bermuda has been decades in the making.

“Our work is a marathon, not a sprint.”

She said the commission would operate with transparency, report regularly on its progress and maintain accountability.

Ms Jackson said some initiatives outlined in the blueprint would show results quickly while others may take time to bear fruit.

Ms Lightbourne said the cost of living survey provided clarity on the challenges business and residents faced.

She said: “I think what was key was that there was a lack of understanding about the business operations that impact their cost and likewise how those costs impact the residents.”

Among other initiatives, in the first quarter of 2026, the ministry will launch a pilot Digital Payment Incubator to test lower-cost digital transactions for consumers.

It builds on a digital finance pilot, which was implemented last May, and will on-board 400 residents and one to two retail vendors to accept USDC, or digital currency, via self-custody wallets.

The move will pilot low-fee digital payments across Bermuda’s retail sector, reduce transaction costs and pass savings directly to shoppers.

In other reforms, the ministry will lead plans to review the listing and use of rent-controlled properties as vacation rentals.

The measure is intended to increase availability of affordable housing units for long-term rental.

The ministry intends to establish a registry of rent-controlled properties available on the market to improve visibility and accessibility of affordable rental options.

• To see the agenda in full, see Related Media

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Affordable Bermuda Agenda