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Government warns retailers to pass on savings to consumers
The Government has issued a stern warning to food retailers that it will be extremely vigilant in ensuring that consumers start seeing the benefits of the revaluation of the Jamaican dollar.
In the past two months the local currency has regained three dollars to its US counterpart which is now trading at a 16 month low of $86.83.
This is expected to result in a lowering of prices especially for imported food items.
Commerce Minister Karl Samuda says his Ministry will be insisting that retailers act in a timely manner in adjusting their prices as the Jamaican dollar continues to gain strength.
Mr. Samuda says in the past when the dollar devalued retailers were quick to hike their prices but were slow in carrying out reductions when there was currency appreciation.
He says this time around the Consumer Affairs Commission will be asked to place closer attention to price movements.
“Absolutely we are looking at it very closely now and we are expecting to see the reduction, if we don’t see it then we are going to have words with them to see exactly what is going on and to what extent they can assist the consumers of the country by being more competitive,” Mr. Samuda said.
As it relates to locally produced food stuff, Mr. Samuda says prices are expected to remain stable.
“We have a good supply of locally produced food. In fact in the agriculture industry we have had an increase in production so we should see prices continue to stabilize and continue to improve,” he said.
And the strengthening of the Jamaican dollar has prompted one local retailer to scale back prices.
The Wisynco Group which manufactures and distributes about 100 drink and snack brands, Thursday announced a roll back on the prices of all its brands.
Group Finance Director, Andrew Mahfood, says the 3% roll back will take effect on Monday.
The reduction will affect products under the Ocean Spray brand as well as Coca-Cola, Kellogs, Hershey's, Ben and Jerry's, Betty Crocker and Nature Valley.
The company says the move is part of efforts to
The Government has issued a stern warning to food retailers that it will be extremely vigilant in ensuring that consumers start seeing the benefits of the revaluation of the Jamaican dollar.
In the past two months the local currency has regained three dollars to its US counterpart which is now trading at a 16 month low of $86.83.
This is expected to result in a lowering of prices especially for imported food items.
Commerce Minister Karl Samuda says his Ministry will be insisting that retailers act in a timely manner in adjusting their prices as the Jamaican dollar continues to gain strength.
Mr. Samuda says in the past when the dollar devalued retailers were quick to hike their prices but were slow in carrying out reductions when there was currency appreciation.
He says this time around the Consumer Affairs Commission will be asked to place closer attention to price movements.
“Absolutely we are looking at it very closely now and we are expecting to see the reduction, if we don’t see it then we are going to have words with them to see exactly what is going on and to what extent they can assist the consumers of the country by being more competitive,” Mr. Samuda said.
As it relates to locally produced food stuff, Mr. Samuda says prices are expected to remain stable.
“We have a good supply of locally produced food. In fact in the agriculture industry we have had an increase in production so we should see prices continue to stabilize and continue to improve,” he said.
And the strengthening of the Jamaican dollar has prompted one local retailer to scale back prices.
The Wisynco Group which manufactures and distributes about 100 drink and snack brands, Thursday announced a roll back on the prices of all its brands.
Group Finance Director, Andrew Mahfood, says the 3% roll back will take effect on Monday.
The reduction will affect products under the Ocean Spray brand as well as Coca-Cola, Kellogs, Hershey's, Ben and Jerry's, Betty Crocker and Nature Valley.
The company says the move is part of efforts to
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