COVID-19 Effects Evident In Increase Prices, Shortages Locally - CTL Boss

BVI Platinum News
May 04, 2021 3:27 pm AST
BVI Platinum News | May 04, 2021 3:27 pm AST
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The BVI continues to feel the negative impact of the COVID-19 pandemic on the manufacturing industry. Worldwide, the pandemic has disrupted production and supply in home goods, appliances, paper products, food products, lumber, other building materials, and more resulting in shortages and rising prices.

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Managing Director at CTL Home Center, Michael Thomas said these shortages are evident by the empty shelves at the various stores including supermarkets and residents are already noticing the price increases.

On April 15th, 2021, the US National Association of Home Builders (NAHB) announced that “builders continued to grapple with rising lumber prices and supply chain issues… the supply chain for residential construction is tight, particularly regarding the cost and availability of lumber, appliances, and other building materials.”

Mr. Thomas stated that the impact of the COVID-19 pandemic on manufacturing and supply is far-reaching and businesses are struggling to keep up with demand. He said CTL has been experiencing shortages in lumber, other building materials, PVC Pipes and fittings, water heaters, electrical and a number of other products.

These shortages and strong demand have resulted in an increased price rise across the world. Shortages in the global market are also exacerbated by disruptions in logistical and shipping chains.

Mr. Thomas added that shipping costs are hitting an all-time high and the supply chain disruption has created delivery delays. He said to keep up with demand some businesses including CTL Home Center are sourcing products from other vendors and prices will vary which means that residents will notice price adjustments across stores in the BVI.

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The Washington Post reported on 24th January 2021 that the cost of shipping a container of goods has risen by 80 percent since early November and has nearly tripled over the past year.

On 15th April 2021, Consumer Report’s John Materese reported that already soaring prices on lumber and paper products including toilet paper are expected to rise again. He reported that prices on Cottonelle and Scott toilet paper are expected to increase sometime in June. Materese said the reason is because of wood pulp prices, which have jumped 20% in the past year due to shortages and soaring demand.

Materese added that with all pandemic-related price hikes, the price goes up quickly but will take months — if not longer — to fall again.

CTL Home Center is working steadily to re-stock products as quickly as possible.

Mr. Thomas assured that CTL Stores will continue to offer the lowest prices possible. We are asking for our customers’ patience and understanding while we source new avenues for products as we continue to deal with the ongoing COVID-19 challenges.

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