Junior Minister for Financial Services and Economic Development Honourable Lorna Smith, OBE, met with representatives from major local supermarkets to discuss measures aimed at maintaining stable prices on essential food items.

The meeting held June 27 formed part of the Government's ongoing efforts to safeguard the cost of living for residents, particularly in light of the upcoming implementation of Phase One of the new national minimum wage, which officially increased to $7.25 per hour on July 1.

The Junior Minister who assists the Premier with Financial Services and Economic Development, reaffirmed the Government’s dual commitment to supporting both workers and businesses amid the upcoming wage increase.

Honourable Smith said, “The Government remains committed to protecting the interests of working families while supporting a resilient and competitive business environment. As we implement the new minimum wage, it is vital that these gains are not eroded by rising living costs. These conversations are crucial to achieving balance and long-term sustainability as we move forward.”

Representatives from the supermarket sector acknowledged the importance of price stability and affirmed their intention to offer competitive rates on essential food items. They noted that a household’s ability to afford nutritious food remains a top priority for retailers, who are keen to support the overall well-being of the community.

Officers from the Ministry of Financial Services, Economic Development, and Digital Transformation were also present at the meeting and contributed to discussions on pricing mechanisms, supply chain challenges, and opportunities for greater collaboration with retailers.

The Government of the Virgin Islands is actively reviewing measures to reduce the costs associated with importing essential goods into the Territory, with the aim of supporting more affordable pricing for consumers. Ongoing dialogue with all stakeholders will seek to monitor price trends, address any emerging challenges, and ensure that increases in earnings translate into genuine improvements in living standards across the Virgin Islands.