Senators agreed yesterday that importers of food and other goods should face fines of up to $5,000 if they fail to provide information to a new commission set up to look at their import costs and profit margins.

The Upper Chamber approved the Price Commission Amendment Act 2017, which will see the Price Commission renamed the Cost of Living Commission and new members appointed.

Junior government reform minister Vance Campbell said it was not the Government’s intention to control prices because that would discourage importers from bringing in some products.

Mr Campbell explained the aim of the legislation was to obtain information about import costs and profit margins.

He said: “The commission will then process this information and make recommendations.”

Fines for failing to provide information will rise tenfold from $500 to $5,000 under the Act, with additional daily fines of $500.

Government senator Jason Hayward said Bermuda had one of the highest costs of living in the world and it was at an “unsustainable level for many”.

He added: “Bermuda is becoming a difficult place to live for many.”