Updated Basket of goods in effect as of Monday August 1, 2022
Following previous announcements of a new basket of goods, which increased from 12 to 72 items, the Ministry of TEATT hereby informs the public that the new basket will be going into effect on Monday August 1, 2022.
The new basket, which is being regulated by Ministerial Regulation, allows for more flexible adjustments in the future. Revocation of the National decree containing general measures which regulates the current basket of 12 items, has been approved by the Council of Advice and is presently in the final stages of the revocation process.
The initial timeline to have the new basket of goods implemented was originally July 1st 2022. However, based on feedback from the Council of Ministers on the methodology, an agreement ensued between the Ministry of TEATT and the Customs department to ensure that invoices from food importers are collected in order to properly calculate the maximum prices. Prior to this, prices were calculated by taking the averages of current prices observed on store shelves.
This turned out to be a rather tedious process, nonetheless calculations have been finalized and the new maximum prices have been established.
It is also important to stress that due to the volatility of prices on certain goods, the maximum prices of certain basket items will have to be updated regularly. This will be done upon submission of a request from importers, which must be supported by invoices showing the cost of goods.
To ensure an efficient price change process and to allow for the public to have the price list at their fingertips, the Ministry has also developed a website where the basket of goods list will be published, and where complaints can be submitted if prices in stores differ from the published prices. This website will be launched on Friday July 29th 2022.
In addition, the website will also feature monthly price comparisons on various items as well as weekly specials as published by the various supermarkets. The website link is www.maxpricesxm.com
The current basket of goods consists of: Rice, Margarine & Butter, Milk powder & Canned milk, Baby food, Coffee & Tea, Flour & Cornmeal, Sugar and Cooking oil.
The new basket of goods will consist of: Milk powder & Canned milk, chocolate powder milk, coffee and tea, peanut butter, jam, sugar, flour & cornmeal, margarine, oats, granola bars, club social crackers, corn flakes, salt, black pepper, all purpose seasoning, spaghetti, macaroni, ketchup, mayo, vinegar, oil, rice, a variety of canned goods, chicken leg quarters, baking soda, dish liquid, dish sponge, bleach, disinfectant w/ aroma, mop, broom, detergent, toilet paper, sanitary napkins, diapers, baby cereal, garbage bags, toothpaste, tooth brush, razors, shampoo/ conditioner, deodorant, boneless saltfish, eggs, limes, apples, potatoes, celery, sweet pepper, onion, garlic, carrots.