Consumers spend 60% of pay on the basics, says CBB
The average consumer in Barbados spends just over 60 percent of his or her wages or salary on just three categories: food and drink; housing and utilities; and transport, says the Central Bank of Barbados.
To put it more formally, that is, in central bank terms, 30 percent of the Barbados Consumer Basket is spent on Food and Non-Alcoholic Beverages; 17% on Housing Water, Electricity, Gas and Other Fuels; and 13% on Transport.
Those categories take up about 60% of the average household budget. Just to round out the picture, the remaining 40% is spent as follows: Furnishing and Household Equipment, 9 percent; Routine Household Maintenance, another 9%; Communication and Recreation/Culture, 4% each; and the remaining 18% is spent on Miscellaneous Goods & Services and Other purchases.
In other words, the average consumer’s budget goes up or down depending on oil and commodity prices, which in turn influence the cost of processed and manufactured items.
In central bank terms, the 60% noted above shows how Barbados’ domestic prices “remain inextricably linked to international market developments,” especially global changes in food and energy prices.