CARICOM Heads of Government have pledged to strengthen regional cooperation and implement a range of measures aimed at easing the rising cost of living, which continues to affect households across the Caribbean.
The issue featured prominently at the conclusion of the 51st Regular Meeting of the Conference of Heads of Government, where regional leaders discussed practical solutions to offset the impact of global inflation driven by geopolitical tensions and high fuel prices.
Among the measures highlighted were tax reductions on fuel imports, adjustments to freight costs, reducing the cost of intra-regional cargo transportation, expanding renewable energy, and accelerating the introduction of a regional ferry service to lower the cost of moving goods between islands.
CARICOM Chairman and Saint Lucia Prime Minister Philip J. Pierre said the meeting focused on delivering tangible benefits for Caribbean citizens.
“Our discussions over the past four days were guided by one central objective, ensuring that CARICOM delivers results that people can see and feel in their everyday lives,” Pierre said, adding that leaders agreed to strengthen consumer protection, improve affordability, and introduce measures to support vulnerable households.
Pierre acknowledged that while member states have introduced various national initiatives to ease financial pressures, they have limited control over international fuel prices. In Saint Lucia, the government has removed value-added tax from selected items to help reduce consumer costs.
Barbados Prime Minister Mia Amor Mottley outlined several initiatives in her country, including a cost-of-living allowance for pensioners and a 30 per cent increase in welfare payments. She also highlighted efforts to provide consumers with real-time price comparison tools and emphasized the importance of launching a regional ferry service to reduce shipping costs across the Caribbean.
Mottley said discussions are underway to use one of Trinidad and Tobago’s ferry vessels as a pilot project while the private sector acquires additional vessels. Regulatory work is expected to be completed within three months.
Trinidad and Tobago Prime Minister Kamla Persad-Bissessar said regional collaboration in healthcare could also help lower living costs by providing CARICOM citizens with affordable access to specialised medical services, including prosthetics and pediatric care, while sharing trained medical professionals across member states.
Outgoing CARICOM Chairman and Saint Kitts and Nevis Prime Minister Dr. Terrance Drew stressed that expanding renewable energy is essential to reducing long-term costs, saying greater use of solar, wind, geothermal, and wave energy could stabilise electricity prices and strengthen the region’s economic resilience.
The leaders agreed that while global economic pressures remain beyond the region’s control, greater cooperation and shared initiatives can help cushion the impact on Caribbean families and businesses.