The Ministry of Home Affairs, in conjunction with the Cost of Living Commission, have developed an online tool that “will allow residents to submit information regarding allegations of price gouging in Bermuda.”
Speaking at last night’s press briefing, Deputy Premier Walter Roban said, “As we adapt to the effects of Covid-19 in Bermuda, we are mindful of the numerous economic factors which impact the ability of the public to navigate these unprecedented times. The cost of goods is a major concern of Bermuda residents, especially at this time.
“In response to numerous emails and phone calls relating to price irregularities in the Bermuda marketplace, I am pleased to announce that the Ministry of Home Affairs, in conjunction with the Cost of Living Commission, have developed an online reporting tool.
“With the support of the Cost of Living Chairman, Mr. Derrick Burgess, this online tool will allow residents to submit information regarding allegations of price gouging in Bermuda.
“Price gouging is defined as a seller increasing the prices of goods, services or commodities to a level much higher than is considered reasonable or fair, and is considered exploitative, potentially to an unethical extent. Usually this event occurs after a demand or supply shock.
“Common examples include price increases of basic necessities after hurricanes and other natural disasters; and in this case, what we are facing now, a pandemic.
“The easy to complete online form is anonymous and will be used to inform the Chairman of the Cost of Living Commission of any price irregularities in the Bermuda marketplace, for further investigation under his authority. It is not within the Commission’s remit for refunds to be issued – rather, it is for business practices to be regulated so that the consumer is protected from unethical pricing methods.
“To report price irregularities for review by the Cost of Living Commission, please visit here.”