“The rising cost of inflation and its impact on healthy living in TCI”

#TurksandCaicos, January 19, 2022  – The cost of living in TCI has grown exponentially over the years and continues to rise.   For some, the impact can be measured by some of the challenges faced with trying to live a healthy lifestyle.

Although healthy living for some may have different interpretations, the reality is, it goes beyond just physical exercises. It starts with eating healthy..but for many in TCI,  constraints with time, money, transportation, etc. make good nutrition seem out of reach.

Like many other countries, economic factors like income level and high cost of goods, are also a major factor for us.

While great progress has been made as it pertains to the bounce back of the economy from Covid-19 impact, there are some uncertainties around the rising cost of inflation particularly as it relates to food prices.

With inflation at this level, eating healthy on a budget could be extremely hard for some, especially when you’re faced with constrained resources.

Grocery stores prices are normally one of the tell-tale signs for rising inflation. Although price increases are usually “transitory” in nature, this wave of increases appears to sticking around for far too long.

In some cases, you may find the cost of certain goods more reasonable at select stores, however, who has the time to shop around at 2-3 stores looking for the best deal on every single item?

To prove a point, I decided to analyze consumer food prices on five of some of the most basic produce items that are essential for everyday healthy eating. Items such as lettuce, tomatoes, oranges, apples and avocados.

My findings revealed a shocking differences in the fluctuation of prices between just two locations in Grand Turk and two in Provo.

Excluding sale promotion days, in Provo, a 3lb bag of Apples can range anywhere from $5.99 to $8.50, tomatoes could range anywhere from $3.69 to $3.99 per pound, a pack of romaine lettuce could range anywhere from $6.55 to $7.50, a bag of 6-10 oranges could range anywhere from $5.99 to 7.99. A single avocado can range anywhere from $3.59 to $3.95.

In Grand Turk, a 3lb bag of Apples can range anywhere from $6.99 to $8.99, tomatoes could range anywhere from $3.69 to $4.50 per pound, a pack of romaine lettuce could range anywhere from $8.50 to $9.50, a bag of 6-10 oranges could range anywhere from $6.99 to $8.99. A single avocado can range anywhere from $3.73 to $4.25.

I have also found that the unhealthy snacks and drinks were relatively cheap compared to the healthy snacks which are placed front and center upon entering the stores.

With prices at this level which has been for quite some time now, some families are finding it incredibly difficult to manage their food budget. Consumers with limited disposable income are forced to make difficult choices in order to stretch their dollars.

Such as, do I spend the money on healthy foods or do I purchase a package of hotdogs and sugar cookies which will be more affordable especially for large families.

According to the International Food Policy Research Institute (IFPRI) Poor diets are the number one risk factor in the global burden of disease: they account for one in five deaths globally.

Although on a much smaller scale, our mortality rate relative to poor diet is now a greater contributor to these global statistics and should be part of a broader debate.

So the million dollar question is, how do we in the Turks and Caicos Islands, alter relative prices on healthy foods to achieve better dietary and nutrition outcomes for the masses?

It won’t be easy, but it can be done.

The USA, which is one of our main trading partners, is currently experiencing supply chain shortages on select products. This is driven in part due to a myriad of labor challenges. As a result, we are starting to experience the trickle down effects.

Sadly, until this goes away, consumer prices in TCI will probably remain high and will only be further precipitated by this ongoing pandemic.  So what are some real solutions to this growing problem?

In my opinion, it’s high time the Caribbean countries forge an alliance and build stronger regional trading partnerships with each other.

At the end of the day, it all boils down to purchasing power along with supply and demand. Major economic countries like the US and China thrives on this.

Case in point; the Dominican Republic which is approximately 200 miles away from TCI, and is currently a large producer of bananas and other fruits and vegetables. Many of their suppliers would rather deal with the USA or other large countries because of their purchasing power.

So in essence, the same products that are being produced in the DR, is now being shipped another 800 miles away to the USA, before making its way back to us. Because of the logistics, this helps to drive up our cost of goods.

The quote on quote “petro dollar”, which the US dollar is referred as when oil subsidies are traded on the market, gives them stronger buying powers.

Likewise, TCI will also be in a unique position to negotiate lower prices with the Caribbean alliances because of our use of the US currency.

Rather than having locally grown products from these Caribbean countries shipped to the USA or other countries and then to us, logistically, it would make good economic sense to forge these regional partnerships.

Also, notwithstanding the Consumer Protection Ordinance that came into force in TCI since 2019, it does not address the issue of price control or price gouging in our country.

As noted in my analysis, on any given day, you will find the cost of certain products could vary significantly between different grocery stores on the islands.

With the limited number of grocery stores and the population size on Grand Turk, Salt Cay and the lower Caicos Islands, these residents will always be at a disadvantage.

The long and short of my article is, in order to combat what appears to be a never ending battle with inflation, we have got to get serious about the development and production of local agriculture.

Furthermore, let’s put in place proper government controlled checks and balance program for better price control and to prevent price gouging.

This may require hiring additional auditors to police over-priced or missed priced consumer goods and to ensure businesses are passing along the discounts and duty free savings to consumers.

Ed Forbes

A Concerned Citizen of Grand Turk