[Bahamas] Minimum wage increase and temporary price controls

The prime minister of the Bahamas has announced an increase in the islands' minimum wage and temporary price controls on certain goods, including eggs, bread and disposable nappies in the wake of an inflation spike, ABC News reports.

On October 11, Prime Minister Philip Davis announced that the minimum wage will increase from $210 to $260 a week. The hike will be retroactive from July for public sector employees and will come into effect from January 2023 for the private sector. 

This is only the second time in two decades that the Bahamian government has raised the minimum wage. The last occurred in 2015, when weekly wages rose from $150 to $210, according to the Bahamas Chamber of Commerce.

The price controls will reportedly remain in effect for six months and then be subject to review. The cost of living in the Bahamas, which imports many of its goods, has been high for quite some time.

The prime minister of the Bahamas has announced an increase in the islands' minimum wage and temporary price controls on certain goods, including eggs, bread and disposable nappies in the wake of an inflation spike, ABC News reports.

On October 11, Prime Minister Philip Davis announced that the minimum wage will increase from $210 to $260 a week. The hike will be retroactive from July for public sector employees and will come into effect from January 2023 for the private sector. 

This is only the second time in two decades that the Bahamian government has raised the minimum wage. The last occurred in 2015, when weekly wages rose from $150 to $210, according to the Bahamas Chamber of Commerce.

The price controls will reportedly remain in effect for six months and then be subject to review. The cost of living in the Bahamas, which imports many of its goods, has been high for quite some time.