Head of the Supermarket Association, Rajiv Diptee, has suggested that consumers who say they are yet to realize major benefits from the implementation of VAT exemptions on multiple food items and that it is not translating into savings may have a valid point.
He explained that throughout the course of the year, food prices were affected heavily by market forces, customs delays and shortages and delays due to the ongoing shipping crisis.
This, according to Mr Diptee, resulted in increases in the cost of items….not just in T&T but internationally.
However he maintained that the exemptions have eased the burden somewhat as the Association has calculated a decrease in the cost of the average basket of items purchased by shoppers.
Mr Diptee said while the prices may not be equivalent to those of pre-pandemic, it is still a cost saving measure given where food prices may be heading.
He emphasized however that the true cost saver is the establishment of a totally local supply chain.