287 lines
127 KiB
HTML
Vendored
287 lines
127 KiB
HTML
Vendored
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Symonette spoke with Guardian Business after the International Monetary …"/><meta property="og:url" content="https://thenassauguardian.com/super-value-stumped-on-when-price-hikes-will-end/"/><meta property="og:site_name" content="The Nassau Guardian"/><meta property="article:publisher" content="http://facebook.com/NassauGuardian/"/><meta property="article:published_time" content="2022-04-21T12:39:00+00:00"/><meta property="article:modified_time" content="2022-04-21T07:04:37+00:00"/><meta property="og:image" content="https://thenassauguardian.com/wp-content/uploads/2022/04/food.jpg"/><meta property="og:image:width" content="1200"/><meta property="og:image:height" content="900"/><meta name="twitter:card" content="summary"/><meta name="twitter:creator" content="@GuardianNassau"/><meta name="twitter:site" content="@GuardianNassau"/><meta name="twitter:label1" content="Written by"/><meta name="twitter:data1" content="Paige McCartney"/><meta name="twitter:label2" content="Est. reading time"/><meta name="twitter:data2" content="3 minutes"/> <script type="application/ld+json" class="yoast-schema-graph">{"@context":"https://schema.org","@graph":[{"@type":"Organization","@id":"https://thenassauguardian.com/#organization","name":"The Nassau Guardian","url":"https://thenassauguardian.com/","sameAs":["http://facebook.com/NassauGuardian/","https://www.instagram.com/thenassauguardian/","https://thenassauguardian.com/guardian-news/","https://twitter.com/GuardianNassau"],"logo":{"@type":"ImageObject","@id":"https://thenassauguardian.com/#logo","inLanguage":"en-US","url":"https://thenassauguardian.com/wp-content/uploads/2020/05/NG_nameplate.png","contentUrl":"https://thenassauguardian.com/wp-content/uploads/2020/05/NG_nameplate.png","width":384,"height":151,"caption":"The Nassau Guardian"},"image":{"@id":"https://thenassauguardian.com/#logo"}},{"@type":"WebSite","@id":"https://thenassauguardian.com/#website","url":"https://thenassauguardian.com/","name":"The Nassau Guardian","description":"News and Views That Matter. 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href="/category/business/">Business</a><em class="delimiter">|</em><span class="current">Super Value ‘stumped’ on when price hikes will end</span></nav><script type="application/ld+json">{"@context":"http:\/\/schema.org","@type":"BreadcrumbList","@id":"#Breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"item":{"name":"Home","@id":"https:\/\/thenassauguardian.com\/"}},{"@type":"ListItem","position":2,"item":{"name":"Business","@id":"https:\/\/thenassauguardian.com\/category\/business\/"}}]}</script><div class="entry-header"> <span class="post-cat-wrap"><a class="post-cat tie-cat-2" href="/category/business/">Business</a></span><h1 class="post-title entry-title">Super Value ‘stumped’ on when price hikes will end</h1><div id="single-post-meta" class="post-meta clearfix"><span class="author-meta single-author with-avatars"><span class="meta-item meta-author-wrapper"> <span class="meta-author-avatar"> <a href="/author/paige-mccartney/"><img alt='Photo of Paige McCartney' src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEX///+nxBvIAAAAAXRSTlMAQObYZgAAAApJREFUCJljYAAAAAIAAfRxZKYAAAAASUVORK5CYII=" data-src="/wp-content/uploads/2020/09/Paige-McCartney-140x140.jpg" data-2x='https://thenassauguardian.com/wp-content/uploads/2020/09/Paige-McCartney-280x280.jpg 2x' class='lazy-img avatar avatar-140 photo' height='140' width='140' loading='lazy'/></a> </span> <span class="meta-author"><a href="/author/paige-mccartney/" class="author-name tie-icon" title="Paige McCartney">Paige McCartney</a></span> <a href="mailto:paige@nasguard.com" class="author-email-link" target="_blank" rel="nofollow noopener" title="Send an email"> <span class="tie-icon-envelope" aria-hidden="true"></span> <span class="screen-reader-text">Send an email</span> </a> </span></span><span class="date meta-item tie-icon">20 hours ago</span><div class="tie-alignright"><span class="meta-views meta-item hot"><span class="tie-icon-fire" aria-hidden="true"></span> 184 </span><span class="meta-reading-time meta-item"><span class="tie-icon-bookmark" aria-hidden="true"></span> 2 minute read</span></div></div></div></header><div id="share-buttons-top" class="share-buttons share-buttons-top"><div class="share-links share-centered"> <a href="//www.facebook.com/sharer.php?u=https://thenassauguardian.com/super-value-stumped-on-when-price-hikes-will-end/" rel="external noopener nofollow" title="Facebook" target="_blank" class="facebook-share-btn large-share-button" data-raw="https://www.facebook.com/sharer.php?u={post_link}"> <span class="share-btn-icon tie-icon-facebook"></span> <span class="social-text">Facebook</span> </a> <a href="//twitter.com/intent/tweet?text=Super%20Value%20%E2%80%98stumped%E2%80%99%20on%20when%20price%20hikes%20will%20end&url=https://thenassauguardian.com/super-value-stumped-on-when-price-hikes-will-end/" rel="external noopener nofollow" title="Twitter" target="_blank" class="twitter-share-btn large-share-button" 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data-raw="mailto:?subject={post_title}&body={post_link}"> <span class="share-btn-icon tie-icon-envelope"></span> <span class="screen-reader-text">Share via Email</span> </a></div></div><div class="featured-area"><div class="featured-area-inner"><figure class="single-featured-image"><img width="780" height="470" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAYYAAADcAQMAAABOLJSDAAAAA1BMVEUAAACnej3aAAAAAXRSTlMAQObYZgAAACJJREFUaIHtwTEBAAAAwqD1T20ND6AAAAAAAAAAAAAA4N8AKvgAAUFIrrEAAAAASUVORK5CYII=" class="attachment-jannah-image-post size-jannah-image-post lazy-img wp-post-image" alt="" loading="lazy" data-src="/wp-content/uploads/2022/04/food-780x470.jpg"/><figcaption class="single-caption-text"> <span class="tie-icon-camera" aria-hidden="true"></span> Earlier this month, Super Value said it has about six months supply of hard goods such as corned beef, spaghetti and meatballs, sardines, pigeon peas, cooking oil and canned soups. However, items such as flour, rice and cereals are low in stock.</figcaption></figure></div></div><div class="entry-content entry clearfix"><p><strong>T</strong>here is no end in sight for rising prices, President and Chief Financial Officer of Super Value Debra Symonette said yesterday, adding that while the largest food store chain is doing its best to “beat the price”, it is stumped as to when escalating prices will end.</p><p>Symonette spoke with <em>Guardian Business</em> after the International Monetary Fund projected consumer prices would rise by 7.3 percent this year in The Bahamas, in its recently released World Economic Outlook (WEO).</p><p>Symonette said she was not surprised by the projection, adding there is very little merchants can do aside from keeping store shelves stocked at the best possible prices.</p><p>“We are anticipating that increase, but we are really kind of stumped as to when this thing is going to end. We’re not sure if this is going to be another six months or go into next year, it’s kind of tricky. All we know is right now we are experiencing a lot of price hikes and that’s why we are constantly having to purchase as much as we can at current prices,” she told <em>Guardian Business</em>.</p><p>“We’re doing our best to beat the price hikes, because it’s a constant thing, one price hike right after the other. There are a lot of issues, first COVID, then worker shortages, the supply chain issues, and it just keeps going and going, and there is something new every day.</p><p>“So, we are not surprised when we hear, oh well, we’re going to have another price hike this week, to look out for it. Once we hear that we try to purchase in advance if they allow us, because some companies may not allow it.”</p><p>Earlier this month, Super Value revealed that supply chain issues still exist and it is currently running a month behind schedule with new purchases. Still, the grocery giant said it has about six months supply of hard goods such as corned beef, spaghetti and meatballs, sardines, pigeon peas, cooking oil and canned soups. However, items such as flour, rice and cereals are low in stock.</p><p>Asked if there’s anything more that can be done to alleviate the pressure on Bahamian consumers, Symonette said, “No, no. The best we can do is keeping quantities and good prices. Once we get good prices it automatically passes onto the customer. But when it gets to a point where the prices have risen to a certain level, we can’t continue to carry the old price because we’ll lose.</p><p>“There has been a real hike on flour, cooking oil and things like that, and of course the eggs and the eggs crisis – the birds have died from bird flu and that has caused a drastic increase in the price of eggs.”</p><p>The IMF said in its WEO that inflationary pressures are projected to see a lower increase in 2023 of 4.5 percent, before leveling out to pre-pandemic levels of 2.4 percent in 2027.</p><p>Inflation of 7.3 percent is the highest year over year increase in consumer prices since 1991.</p><p></p><div class="stream-item stream-item-below-post-content"><div class="g g-1"><div class="g-single a-167"><a class="gofollow" data-track="MTY3LDEsMSw2MA==" href="//www.fidelitygroup.com/"><img src="/wp-content/uploads/2022/03/LotLoans_728x90-1.jpg"/></a></div></div></div></div><div id="post-extra-info"><div class="theiaStickySidebar"><div id="single-post-meta" class="post-meta clearfix"><span class="author-meta single-author with-avatars"><span class="meta-item meta-author-wrapper"> <span class="meta-author-avatar"> <a href="/author/paige-mccartney/"><img alt='Photo of Paige McCartney' src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEX///+nxBvIAAAAAXRSTlMAQObYZgAAAApJREFUCJljYAAAAAIAAfRxZKYAAAAASUVORK5CYII=" data-src="/wp-content/uploads/2020/09/Paige-McCartney-140x140.jpg" data-2x='https://thenassauguardian.com/wp-content/uploads/2020/09/Paige-McCartney-280x280.jpg 2x' class='lazy-img avatar avatar-140 photo' height='140' width='140' loading='lazy'/></a> </span> <span class="meta-author"><a href="/author/paige-mccartney/" class="author-name tie-icon" title="Paige McCartney">Paige McCartney</a></span> <a href="mailto:paige@nasguard.com" class="author-email-link" target="_blank" rel="nofollow noopener" title="Send an email"> <span class="tie-icon-envelope" aria-hidden="true"></span> <span class="screen-reader-text">Send an email</span> </a> </span></span><span class="date meta-item tie-icon">20 hours ago</span><div class="tie-alignright"><span class="meta-views meta-item hot"><span class="tie-icon-fire" aria-hidden="true"></span> 184 </span><span class="meta-reading-time meta-item"><span class="tie-icon-bookmark" aria-hidden="true"></span> 2 minute read</span></div></div><div id="share-buttons-top" class="share-buttons share-buttons-top"><div class="share-links share-centered"> <a href="//www.facebook.com/sharer.php?u=https://thenassauguardian.com/super-value-stumped-on-when-price-hikes-will-end/" rel="external noopener nofollow" title="Facebook" target="_blank" class="facebook-share-btn large-share-button" data-raw="https://www.facebook.com/sharer.php?u={post_link}"> <span class="share-btn-icon tie-icon-facebook"></span> <span class="social-text">Facebook</span> </a> <a 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end","keywords":[],"url":"https:\/\/thenassauguardian.com\/super-value-stumped-on-when-price-hikes-will-end\/","description":"There is no end in sight for rising prices, President and Chief Financial Officer\u00a0of Super Value Debra Symonette said yesterday, adding that while the largest food store chain is doing its best to \u201cbe","copyrightYear":"2022","articleSection":"Business","articleBody":"\nThere is no end in sight for rising prices, President and Chief Financial Officer\u00a0of Super Value Debra Symonette said yesterday, adding that while the largest food store chain is doing its best to \u201cbeat the price\u201d, it is stumped as to when escalating prices will end.\n\n\n\nSymonette spoke with Guardian Business after the International Monetary Fund projected consumer prices would rise by 7.3 percent this year in The Bahamas, in its recently released World Economic Outlook (WEO).\n\n\n\nSymonette said she was not surprised by the projection, adding there is very little merchants can do aside from keeping store shelves stocked at the best possible prices.\n\n\n\n\u201cWe are anticipating that increase, but we are really kind of stumped as to when this thing is going to end. We\u2019re not sure if this is going to be another six months or go into next year, it\u2019s kind of tricky. All we know is right now we are experiencing a lot of price hikes and that\u2019s why we are constantly having to purchase as much as we can at current prices,\u201d she told Guardian Business.\n\n\n\n\u201cWe\u2019re doing our best to beat the price hikes, because it\u2019s a constant thing, one price hike right after the other. There are a lot of issues, first COVID, then worker shortages, the supply chain issues, and it just keeps going and going, and there is something new every day.\n\n\n\n\u201cSo, we are not surprised when we hear, oh well, we\u2019re going to have another price hike this week, to look out for it. Once we hear that we try to purchase in advance if they allow us, because some companies may not allow it.\u201d\n\n\n\nEarlier this month, Super Value revealed that supply chain issues still exist and it is currently running a month behind schedule with new purchases. Still, the grocery giant said it has about six months supply of hard goods such as corned beef, spaghetti and meatballs, sardines, pigeon peas, cooking oil and canned soups. However, items such as flour, rice and cereals are low in stock.\n\n\n\nAsked if there\u2019s anything more that can be done to alleviate the pressure on Bahamian consumers, Symonette said, \u201cNo, no. The best we can do is keeping quantities and good prices. Once we get good prices it automatically passes onto the customer. But when it gets to a point where the prices have risen to a certain level, we can\u2019t continue to carry the old price because we\u2019ll lose.\n\n\n\n\u201cThere has been a real hike on flour, cooking oil and things like that, and of course the eggs and the eggs crisis \u2013 the birds have died from bird flu and that has caused a drastic increase in the price of eggs.\u201d\n\n\n\nThe IMF said in its WEO that inflationary pressures are projected to see a lower increase in 2023 of 4.5 percent, before leveling out to pre-pandemic levels of 2.4 percent in 2027.\n\n\n\nInflation of 7.3 percent is the highest year over year increase in consumer prices since 1991.\n\n\n\n\n","publisher":{"@id":"#Publisher","@type":"Organization","name":"The Nassau Guardian","logo":{"@type":"ImageObject","url":"https:\/\/thenassauguardian.com\/wp-content\/uploads\/2020\/05\/NG_nameplate.png"},"sameAs":["https:\/\/www.facebook.com\/NassauGuardian\/","https:\/\/twitter.com\/GuardianNassau","https:\/\/thenassauguardian.com\/guardian-news\/","https:\/\/www.instagram.com\/thenassauguardian\/"]},"sourceOrganization":{"@id":"#Publisher"},"copyrightHolder":{"@id":"#Publisher"},"mainEntityOfPage":{"@type":"WebPage","@id":"https:\/\/thenassauguardian.com\/super-value-stumped-on-when-price-hikes-will-end\/","breadcrumb":{"@id":"#Breadcrumb"}},"author":{"@type":"Person","name":"Paige McCartney","url":"https:\/\/thenassauguardian.com\/author\/paige-mccartney\/"},"image":{"@type":"ImageObject","url":"https:\/\/thenassauguardian.com\/wp-content\/uploads\/2022\/04\/food.jpg","width":1200,"height":900}}</script><div class="toggle-post-content clearfix"> <a id="toggle-post-button" class="button" href="#"> Show More <span class="tie-icon-angle-down"></span> </a></div> <script type="text/javascript"> var $thisPost = document.getElementById('the-post');
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She has covered countless political and social events that have impacted the lives of Bahamians and changed the trajectory of The Bahamas. Paige started working as a business reporter in August 2016. Education: Palm Beach Atlantic University in 2006 with a BA in Radio and Television News</div><ul class="social-icons"></ul></div><div class="clearfix"></div></div><div class="container-wrapper" id="post-newsletter"><div class="subscribe-widget"><div class="widget-inner-wrap"> <span class="tie-icon-envelope newsletter-icon" aria-hidden="true"></span><div class="subscribe-widget-content"><h4>News that Matters</h4><h3>Subscribe to our mailing list to get the latest news!</h3></div><div id="mc_embed_signup"><form action="#" method="post" id="mc-embedded-subscribe-form" name="mc-embedded-subscribe-form" class="subscribe-form validate" target="_blank" novalidate><div id="mc_embed_signup_scroll"><div class="mc-field-group"> <label class="screen-reader-text" for="mce-EMAIL">Enter your Email address</label> <input type="email" id="mce-EMAIL" placeholder="Enter your Email address" name="EMAIL" class="subscribe-input required email" id="mce-EMAIL"></div><div id="mce-responses" class="clear"><div 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