Barbadians are being advised to complete their Christmas shopping early due to soaring freight rates, which are expected to increase the cost of goods. Eddy Abed, Chairman of the Barbados Chamber of Commerce and Industry’s Revitalisation of Bridgetown Committee, warns that consumers should act quickly to avoid higher prices on commodities as retailers adjust to rising shipping costs.
Freight charges have fluctuated throughout the year, driven in part by the approach of the holiday season. The fabric store owner warns that goods already in stock should be taken advantage of as they have been priced at lower freight, while newer goods will be more expensive.
BCCI President James Clarke echoes Abed’s warning, stating that while the impact of increased shipping costs would vary depending on the value of the goods, consumers should expect price hikes on many products.
Global shipping costs have been affected by several factors, including the ongoing Israeli-Hamas conflict in the Middle East, which has led to higher insurance premiums for vessel owners and longer journeys and higher fuel costs for trading routes.
